The NBA team ‘the Golden State Warriors’ has agreed to a $10 million sponsorship deal with crypto exchange FTX.
Deal of over $10 million
The crypto exchange FTX is once again expanding its presence in the sports world. It has signed a multi-million dollar international sponsorship deal with the NBA’s Golden State Warriors.
The terms of the deal have not been disclosed. However, sources linked to the CNBC that the multi-year agreement between the Warriors and FTX is worth more than $10 million.
With a daily trading volume of over $3.1 billion, FTX.com is currently the fifth largest crypto exchange out there. The deal sees FTX make its mark with the Warriors’ G League club and the NBA 2K esports team. In addition, it will also appear at the Chase Center, the home venue of the San Francisco-based club.
In addition, the crypto will receive exchange rights to the team’s non-fungible tokens (NFTs) during Warriors’ Regional Sports Network (RSN) matches.
“FTX is a company that caught our attention a few months ago. We think we are at the beginning of the beginning. We are all learning and this world will evolve quite a bit.” Said Brandon Schneider, president of Golden State Warriors.
FTX in the sports industry
This is not the first time that the crypto exchange has spent a lot of money to link its brand to a sports club. In April, another NBA team, the Miami Heat, announced a $135 million partnership with the exchange. Thus, it renamed its home venue to the FTX Arena for the next 19 years.
In June, FTX spent a whopping $210 million to buy naming rights for US professional esports team TSM in a 10-year deal. The move was followed by a $17.5 million deal with Cal Berkeley football team in August. The exchange thus secured naming rights for Cal Memorial stadium.
Earlier this year, FTX signed a five-year deal with the MLB, America’s premier baseball league. In addition, an FTX logo was placed on referee uniforms and they were given promotional rights on various MLB related channels.
Other major crypto exchanges are also actively exploring the possibilities in the sports industry.
Last month, Singapore-based Crypto.com bought for $700 million the naming rights to the Staples Center, home of the NHL team the Los Angeles Kings, the NBA’s Los Angeles Lakers and Los Angeles, the Angeles Clippers and the Los Angeles. Sparks of the WNBA.