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- FTX.US is paying $17.5 million for the naming rights to the California stadium for 10 years.
- This partnership is the latest in a string of sports partnerships for the crypto marketplace.
- FTX.US president said the firm prefers partnerships over advertisements.
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The iconic California Memorial Stadium is getting a new name beginning in September: FTX Field.
FTX.US, an affiliate of Sam Bankman-Fried's FTX, is paying $17.5 million for the naming rights to the California university stadium in what is considered to be the first-ever collegiate cryptocurrency naming rights sponsorship.
This 10-year partnership, to be paid fully in cryptocurrency, is the latest in a string of sports tie-ups for the crypto exchange.
Most recently, FTX.US secured the naming rights to Miami NBA stadium until 2040. It also partnered with Major League Baseball to become the first cryptocurrency exchange sponsor in professional sports.
The company also signed up Shark Tank star Kevin O'Leary and celebrity couple Tom Brady and Gisele Bündchen as ambassadors in August and June respectively.
Cal Athletics, among the many university stadiums, was chosen for its personal connection.
The COO of FTX.US, Sina Nader, was a walk-on member of the Golden Bears football team having completed his bachelor's degree in the university.
The sum, according to the company, will be used to help the homeless community of Berkeley as well as underrepresented and veteran students and the Cal Veterans Group.
"This historic partnership will also allow us to collaborate on charitable initiatives that align with our organization's core values," Nader said in a statement. Personally, I am excited to work alongside my alma mater to collaborate with local communities around a variety of causes."
FTX.US president Brett Harrison told Insider in August the firm prefers to enter major partnerships with carefully selected institutions and individuals over purchasing advertisements as this gains the trust of retail investors more.
"We want people to know who we are, and a lot of that has to do with just brand awareness," he said.
In addition to naming rights, Cal Athletics and FTX.US will also work on other branding efforts, including athletics press backdrops and social integration.
Learfield, the multimedia rights holder of Cal Athletics, will accept payment in cryptocurrency on behalf of the University of California, Berkeley.
FTX, on July 20, announced that it had raised $900 million in series B financing, implying a valuation of $18 billion. The majority of the funds, Bankman-Fried said, will be used for expansion and acquisition.