“How do we get our name out there?”
During an all-hands company call in December 2020 at the then two-year-old crypto exchange FTX, CEO Sam Bankman-Fried issued that challenge. “What are some big ideas?” he asked. Among the bigger notions that percolated during the ensuing brainstorm was, “How about we put our name on a sports stadium?”
FTX US’s VP of business development Avi Dabir, who had spent some time working in digital media at the NBA a decade earlier, said, “I could look into that.” Three months later, in March 2021, FTX US signed a 19-year, $135 million naming-rights agreement for the Miami Heat’s home to become FTX Arena.
This deal started an all-out blitz for the company to use sports as the fastest, most efficient way to try to become a household name. Within the last year, FTX has signed sponsorship deals to become the official crypto exchange of Major League Baseball. As a result, an FTX brand patch could be seen on every MLB umpire uniform. It became…
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Source : fastcompany.com
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