Cal, Aka FTX Field, Seeks Legal Name Change After Exchange Falls
Not long ago, Live Bitcoin News reported that the FTX Arena for the Miami Heat was going to change its name following the collapse of FTX, the now disgraced cryptocurrency exchange based in the Bahamas. The company wanted nothing to do with the firm’s rotten legacy, and now Cal – aka the California Memorial Stadium/ FTX Field – is looking to do the same.
Cal Doesn’t Like the Letters FTX Anymore
Cal has stated that what happened with FTX is wrong and it wants no part in whatever shady deals FTX may have conducted. It doesn’t need this kind of trouble and is now looking to engage in a legal name change so the FTX letters are removed from its banner forever.
Cal serves as the home football field for the Golden Bears team. A few years back, Cal announced that it was joining hands with the now fallen digital trading platform and would be taking on a name change as a means of supporting the company’s legacy and operations.
The naming deal was set to last a full ten years. At the time, Cal director of athletics Jim Knowlton said the field had allegedly found a “great partner” in the digital exchange, and they were looking forward to a future filled with profit and possibilities. He stated in an interview at the time:
We believe we have found a great partner in FTX. FTX is a growing company at the forefront of innovation in an emerging technology, one that fits well at both Cal and in the Bay Area. This agreement extends well beyond field naming rights, which is part of our strategic plan to diversify revenue streams in support of our student-athlete experience, and includes commitments for our Cameron Institute, Cal Veterans, and students in need here in Berkeley. We are looking forward to building our relationship now and in the years ahead.
One of Crypto’s Most Embarrassing Moments
The collapse of FTX is likely going to go down as one of the most devastating (and embarrassing) things to happen within the confines of the crypto space. FTX first came to fruition in the year 2019. From there, it looked like a glorious future was written in the clouds for the exchange, and the company’s head executive – then 27-year-old Sam Bankman-Fried – was lauded as a genius businessman of sorts by several experts in the arena.
However, that reputation has faded fast as just a few weeks ago, the now crushed exchange ran to Binance for help, begging the larger competitor to buy it out in part to an ongoing liquidity crunch the company was experiencing. While it looked like the deal was going to go through, Changpeng Zhao – the head of Binance – eventually backed out, claiming the problems the firm was facing were too big.
Source: Read Full Article
