FTX Announces the First-ever Collegiate Crypto Naming Rights Sponsorship with Cal Golden Bears
Cryptocurrency exchange FTX’s latest partnership is with the Cal Golden Bears, who will play their home games on newly rebranded FTX Field, starting this season.
The California university signed a 10-year naming rights deal for $17.5 million with FTX.US.
In this first-ever collegiate cryptocurrency naming rights sponsorship, the signing amount will be paid entirely in crypto. Learfield will accept payment on behalf of the university, which will then pay Cal annually in cash.
While having no plans to accept crypto payments at this time, Cal said they “will consider how it can offer this at the right time.”
Through this historic agreement, FTX has received the naming rights to the field at California Memorial Stadium, which will now be known as FTX Field at California Memorial Stadium.
“We believe we have found a great partner in FTX,” said Jim Knowlton, Cal Director of Athletics.
“FTX is a growing company at the forefront of innovation in an emerging technology, one that fits well at both Cal and in the Bay Area. This agreement extends well beyond field naming rights, which is part of our strategic plan to diversify revenue streams in support of our student-athlete experience, and includes commitments for our Cameron Institute, Cal Veterans and students in need here in Berkeley.”
This partnership will further include serving communities including underrepresented students, the homeless population in Berkeley, and the Cal Veterans Group. For this, FTX is committing an additional $200,000, said FTX.US’s COO Sina Nader, who actually got his bachelor's degree in legal studies from Cal.
The Bears’ first game at the FTX Field is slated for Sept. 4.