California University has signed a naming rights deal with FTX.US. cryptocurrency exchange. The deal is valued at $17.5-million and gives naming rights to the exchange for the upcoming 10-year period. This means that the Cal Golden Bears will take on the rivals on their home turf in the all-new field, which has now been rebranded as the FTX field. It is important to note that this is the second such deal for the FTX cryptocurrency exchange. Just a few months back, Miami Heat announced its partnership with FTX, which according to the latest round of fundraising, is valued at $18 billion.
There are many connections when it comes to a deal between California University and FTX. Sina Nader, the Chief Operating Officer of FTX, was a walk-on member of the Cal Golden Bears during his undergraduate studies. Even the father of the exchange’s Chief Executive Officer, Sam Bankman-Fried, is an alumnus of the university.
FTX has been consistently ranked among the top cryptocurrency exchanges around the globe. FTX reviews show that it has carved a special place for itself thanks to its investor-friendly policies, easy-to-use interface, and wide support for a range of digital coins. It is also showing the path to the rest of the industry players by striking exciting partnership opportunities, with the latest being announced with California University.
The partnership is undoubtedly going to create a win-win situation for the stakeholders. While it will open a new revenue stream for the university, the cryptocurrency exchange will use this opportunity to expand its appeal and influence over potential users. As sport and sporting personalities are hugely popular in Europe and the USA, the benefits of such associations are quite obvious.
The compact also has broader implications for the cryptocurrency domain. The rise in the popularity of cryptocurrency exchanges can be directly correlated with the value enhancement for digital coins. Hence, this partnership makes a lot of sense for the entire ecosystem of cryptocurrency and blockchain technology.