FTX Signs $17.5M Deal to Sponsor UC-Berkeley Athletic Department

FTX.US, the U.S. affiliate of crypto exchange FTX, has signed a $17.5 million, 10-year agreement with Cal Athletics, the athletic department of the University of California, Berkeley, for the naming rights to the field at California Memorial Stadium.

• The field will be known as the “FTX Field” at the California Memorial Stadium and is  FTX.US’ first college-related cryptocurrency naming rights sponsorship. The Berkeley campus is the flagship campus of the University of California system.
• Cal Athletics’ multimedia rights holder Learfield will accept the payment in cryptocurrency on behalf of the university. 
• FTX has been on a sports and e-sports sponsorship spending spree this year. In March, the exchange secured the naming rights to the home arena of NBA team Miami Heat for a reported $135 million, while in June, the exchange paid $210 million to acquire the naming rights for e-sports organization TSM.
• The latest deal involves FTX featuring its branding on press backdrops and launching a platform with Cal Athletics to support philanthropic projects. 
• FTX has a connection to Cal Athletics through its Chief Operating Officer Sina Nader, who is a Cal alumnus and was a walk-on member of the football team. "We're excited to partner with one of the world's great universities  and expand crypto's presence into the collegiate athletics landscape," Nader said in a press release.