Popular cryptocurrency exchange FTX has signed a sponsorship rights deal with American professional basketball team, Golden State Warriors.
As part of the agreement, Golden State Warriors will display the FTX brand in its virtual inventory and also advertise its logo during live broadcast regional sports network (RSN) events, CNBC reported Tuesday.
Details of the deal were not made public. However, people familiar with the matter said it is a multi-year deal valued at $10 million. The deal will also see FTX becoming the team’s official cryptocurrency exchange platform and NFT marketplace.
Notably, this will be the first international deal for the Golden State Warriors.
Speaking on the development, president and chief operating officer of the Golden State Warriors Brandon Schneider said:
“FTX is a company that caught our eyes a couple of months ago… We think we’re at the beginning of the beginning. We’re all learning, and this space will evolve quite a bit.”
FTX and Sports Partnerships
FTX has become a regular in signing partnership deals with sports-related firms. The crypto exchange continues to dive deeper into the sporting industry in an effort to expand its brand globally as well as drive crypto into the mainstream.
Back in June, FTX entered a long-term naming rights partnership with American professional basketball team, the Miami Heat. The deal later saw the Miami HEAT arena rebranded to “FTX Arena.”
In August, the exchange also bagged a long-term naming rights deal with California Memorial Stadium, the home venue to the California Golden Bears. As part of the deal, the stadium name was changed to “FTX field” which will remain for a period of 10 years.
Crypto Meets Sports
In recent times, the sports industry has been engaging and diving deeper into the crypto space through partnerships and adoption as payment methods.
Coinfomania reported six months ago that a professional ice hockey team based in California, San Jose Sharks, now accepts cryptocurrencies including Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE) as payments for season tickets.
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