Crypto exchange FTX buys naming rights for Cal’s football field

The College of California, Berkeley, has signed a $17.5 million naming-rights deal for its soccer subject with the proprietor of crypto trade FTX.US — and can receives a commission for it in cryptocurrency.

The Cal athletics division introduced the 10-year deal Monday, in what’s the first crypto naming-rights sponsorship within the NCAA. FTX Subject at California Memorial Stadium will see its first recreation Sept. 4, when the Golden Bears play Nevada of their season opener.

“We consider now we have discovered an ideal companion in FTX,” Cal Athletic Director Jim Knowlton stated in a press release, noting the deal “is a part of our strategic plan to diversify income streams.”

As a part of the deal, FTX will assist Cal’s Cameron Institute for Scholar-Athlete Growth and provides $200,000 to assist Berkeley’s homeless inhabitants and assist underrepresented college students.

“We’re excited to companion with one of many world’s nice universities and broaden crypto’s presence into the collegiate athletics panorama,” FTX.US Chief Working Officer Sina Nader, who performed soccer at Cal, stated in a press release. “This historic partnership will even enable us to collaborate on charitable initiatives that align with our group’s core values.”

The college remains to be paying off sizeable debt from a $321 million stadium renovation project that concluded in 2012.

FTX, which is owned by West Realm Shires Providers, additionally has a sponsorship take care of Main League Baseball umpires, who put on the corporate’s emblem on their uniforms. Earlier this summer season, NFL star Tom Brady and his wife, model Gisele Bundchen, took equity stakes in FTX.

FTX was valued at about $18 billion in its final funding spherical. | Crypto trade FTX buys naming rights for Cal’s soccer subject


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