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After it had already entered into naming rights deal with NBA franchise Miami Heat, crypto derivates exchange FTX has now purchased the naming rights to the Cal Memorial Stadium, home of California University’s ‘Cal Golden Bears’ Football team.
While the Miami Heat saw their team’s home-ground rebirthed to FTX Arena, Cal Memorial Stadium will be referred to as FTX Field from this football season onwards.
The deal was announced for a period of ten years and $17.5 million in cryptocurrency will be paid to the university by the exchange headed by youngster Sam Bankman-Fried.
FTX‘s latest move into sponsoring sports is part of their strategy to raise awareness of crypto and spur adoption.
The company is the official crypto exchange of Major League Baseball (MLB) for at least the next five years. Part of the deal includes that every MLB umpire will have an FTX patch on their uniform.
In April, Jacksonville Jaguars’ Quarterback Trevor Lawrence signed multi-year deal with global cryptocurrency investment app Blockfolio. Blockfolio is powered by FTX.
The partnership holds a personal touch for Bankman-Fried. The Cal Memorial stadium is located in Alameda County, the name of Bankman-Fried’s trading firm, Alameda Research.
Seven-time Super Bowl champion quarterback Tom Brady and his wife Gisele Bündchen partnered with FTX in June. They both hold equity stakes in FTX and receive crypto.
Presenting their H2 numbers of this year, FTX displayed impressive numbers with 150x year-on-year growth.