2021 Continues as the Massive Year of Mainstream Partnerships for FTX
Ostensibly, crypto derivatives exchange FTX aims to bring crypto to the masses by attracting mainstream recognition. Just recently, the exchange acquired the naming rights for Cal Memorial Stadium. Prior to this, FTX had entered into a long-term partnership with the Miami Heat NBA team.
The company has been considerably passionate about NFTs, too. In June, FTX launched an NFT marketplace for trading the digital arts. Later in August, the exchange partnered with Dolphin Entertainment to create an NFT marketplace for prime sports and entertainment brands.
FTX has also been quite successful in partnering with a number of high-profile figures, giving crypto skeptics yet another reason to reconsider their stance on digital assets.
FTX Buys Cal Memorial Stadium Naming Rights
The former ‘Cal Memorial Stadium’, generally known as Memorial Stadium, is the home field for the University of California’s football team, the Golden Bears.
FTX recently bought the naming rights for California Memorial Stadium. The deal, which rebranded Cal Memorial Stadium to FTX Field, cost the exchange $17.5 million and will last for ten years.
The payment will be settled in the form of digital assets and will be accepted by Learfield, the multimedia rights holder of Cal Athletics. Starting this football season, the California Golden Bears will play their games at the newly rebranded FTX Field.
Interestingly, Sina Nader, COO at FTX.us was a walk-on member of the Golden Bears football team during his time as a student at the university. He commented on the deal, saying:
“This historic partnership will also allow us to collaborate on charitable initiatives that align with our organisation’s core values. Personally, I am excited to work alongside my alma mater to collaborate with local communities around a variety of causes.”
A Rundown of FTX’s Major Partnerships in 2021
In March, FTX.us, the company’s trading platform for US-based users, entered into a 19-year partnership with Miami’s professional basketball team, the Heat. The agreement, worth $135 million, rebrands the team’s stadium to FTX Arena.
In esports, the exchange entered a deal with TSM, the premier global esports organization in June. The partnership was worth $210 million and saw TSM rebrand to TSM FTX.
More recently, in August, FTX announced a 7-year partnership with the League Championship Series (LCS). Financial details were not disclosed, though the reports assert that FTX Logo would be added on display across all LCS matches.
The exchange has also made partnerships in the NFT industry. In early August, FTX partnered with Dolphin Entertainment to create an NFT marketplace for leading sports and entertainment brands. Prior to this, the company had launched its own NFT marketplace for trading the digital arts.
Notably, FTX has managed to partner with a number of high-profile figures. Shark Tank’s Kevin O’Leary, known as Mr. Wonderful, has signed a multi-year deal with FTX to become its ambassador and spokesperson. Mr. Wonderful asked for an equity stake in the company as well as crypto for compensation.
Tom Brady and Gisele Bündchen, a prominent celebrity couple, have also accepted to serve as ambassadors for FTX. The duo has taken an equity stake in the exchange as part of the partnership.
In July, the exchange FTX smashed its crypto funding expectations by raising $900 million. This gave the company a valuation of $18 billion.
Do you think FTX’s partnership would play a notable role in promoting crypto adoption? Let us know in the comments below.