FTX buys the rights to the Cal Memorial Stadium name for $17.5 million – Bits Media

The FTX Cryptocurrency Derivatives Exchange has acquired the rights to the Cal Memorial Stadium name on 10 years old. The transaction amount was $17.5 million and will be completely paid in cryptocurrency.

FTX.US, American branch of the FTX Exchange, signed a 10-year agreement with Cal Athletics, sports faculty California University in Berkeley, On the rights to the name of the football field at the California Memorial Stadium. Now this field will be called FTX Field. Learfield company, Code of Multimedia Rights Cal Athletics, will receive payment in cryptocurrency on behalf of the university. Director of California University in Athletics Jim Nowleton (Jim Knowlton)  said:

"We believe, what they found in FTX a great partner. This is a growing company, which is located on advanced technological innovation. The agreement goes far beyond the rights to appropriate names - it has become part of the university’s strategic plan to diversify income streams. Funds will be aimed at the preparation of students-sportsmen, obligations to support veterans of the University of California and low -income students in Berkeley. We are looking forward to the opportunity to establish our relationship now and continue them in the future ".

This year FTX is actively sponsored by sports and e -sports. In March, the exchange received the rights to the name of the home arena of the NBA Miami Heat team for $135 million. As part of the partnership, the stadium was renamed FTX Arena. In June, the exchange paid $210 Milln for the acquisition of rights to the name of the TSM e -sports organization. FTX is also the official sponsor of the Major League Baseball Cryptocurrency Exchange (MLB). As part of a sponsorship transaction, which, as expected, It will last no less 5 years old, Each MLB broker will wear FTX stripes on its uniform.

In July, the exchange attracted investment on $900 million, which has become the largest direct financing of cryptocurrency exchanges in history. According to the results of the round of the series in, The capitalization of the exchange has reached $18 billion.