The FTX, a global cryptocurrency exchange has entered into a multilayered rights sponsorship with The Golden State Warriors who serve as a household name in the NBA.
At this point, details regarding the deal haven’t yet been disclosed but sources privy to the sponsorship were able to spill regarding some details to CNBC, that the multi-year agreement between the 2 parties is valued above $10 million.
FTX.com is, at the moment, the 5th largest crypto exchange, according to CoinGecko, thanks to the FTX having $3.1 billion in trading volume just over the past 24 hours.
In addition to the value of the deal, it’ll reportedly also see FTX receive brand placement with the Warriors’ G League Club as well as the NBA 2k esports team, and the in-area signage at Chase Center, the San Francisco-centered outfit’s home venue.
The crypto trading platform also managed to obtain the rights for NFTs and virtual floor inventory during the Warriors’ Regional Sports Network games (or RSN).
The President of Golden State Warriors Brandon Schneider told CNBC “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.”
The NBA franchise and the FTX also donated one Bitcoin to the Self-eSTEM, Mission Bit, and Techbridge Girls, all of which are local nonprofit organizations with a firm focus on educational equity.
When it comes to the FTX this is hardly the first time they’ve made some big moves regarding their brand being built around sports.
In the month of April, the Miami Heat, which is another NBA outfit, announced a $135 million partnership with exchange, that saw it rename its home venue to FTX Arena for the next 19 years.
Then, in June, FTX purchased naming rights to American esports professional team TSM for a total of $210 million, in a 10-year deal, which they followed up with a $17.5 million deal with the football team Cal Berkeley back in August. That saw the exchange secure naming rights to the Cal Memorial Stadium.
Earlier in the year, FTX confirmed a deal with the MLB, the U.S.’s premier baseball league, that included an FTX Patch placement on umpire uniforms, as well as promotional rights across various MLB-affiliated channels, that also includes physical games to social media.
Other major crypto exchanges also seek to actively explore marketing opportunities that are opening up in the sports industry.
A really staggering deal for $700 million was made just last month, which will last for 2 decades now. Singapore-based Crypto.com purchased naming rights to the Staples Center, their home venue of NHL team the Los Angeles Kings, the NBA’s Los Angeles Lakers, and Los Angeles Clippers, and the WNBA’s Los Angeles Sparks, too.
Furthermore, Coinbase, the leading crypto exchange in the U.S., partnered up with the NBA for a multi-year partnership in October. The deal would make the company the exclusive cryptocurrency platform partner of the NBA, the WNBA, the NBA G League, NBA 2K League, and the USA Basketball, as well.