• Cal Athletics to Receive Crypto Payments from FTX and ‘The Bears’

  • Cal Athletics, the athletic teams of the University of California, Berkeley, and FTX have struck the first sponsorship agreement between a college athletic department and a cryptocurrency exchange.

    The team’s home stadium will be renamed FTX Field at California Memorial Stadium as part of the $17.5 million deal. The university will receive payment exclusively in digital assets at the same moment.

    FTX is venturing into uncharted territory.

    Cal Athletics has secured a 10-year arrangement with the popular US cryptocurrency exchange FTX, according to a recent press statement. The goal is to expand and support the Cameron Institute for Student-Athlete Development’s community engagement program. FTX would also put money towards teaching Berkeley’s underprivileged minorities about short- and long-term investments.

    A $17.5 million deal was signed between the two groups. Cal Athletics will get the funds in digital assets from Learfield, a technological services company that helps the university. The stadium’s name will also be changed as part of the collaboration.

    The home of the university’s football team, known as “The Bears,” will now be known as FTX Field at California Memorial Stadium. Cal will host Nevada on September 4th in the first game on the schedule.

    Cal Athletics Director Jim Knowlton hailed FTX as a trustworthy partner. He stressed that the goal of the collaboration is to provide help for athletes and students in need in the Berkeley area, not to change the stadium’s name.

    Sina Nader, FTX’s Chief Operating Officer, had this to say:

    “We’re thrilled to be partnering with one of the world’s top colleges and expanding crypto’s footprint in collegiate athletics. This historic relationship will also allow us to work together on charitable projects that are in line with our basic values.”

    In addition to the $17.5 million, Nader said FTX would donate another $200,000 to “assist fight homelessness in Berkeley and support organizations that empower marginalized student groups.”

    FTX’s Sports Initiatives

    For the bitcoin exchange FTX, forming a partnership with a sports group is unprecedented.

    For example, the platform just announced a relationship with the Miami Heat, one of the most popular NBA clubs. The team’s home court experienced a name change as a result of the $135 million transaction, and is now officially known as the FTX Arena.

    What transpired in the crypto-friendly city of Miami only encouraged FTX to seek out additional cooperation of this nature. The trading arena announced a “long-term, global partnership” with Major League Baseball at the end of June (MLB). This is the “first-ever” official partnership between “a professional sports league and a cryptocurrency exchange.”

    Tom Brady, the great quarterback, has also teamed with FTX. He and his wife, Gisele Bündchen, invested in the cryptocurrency exchange site. As a result, the American football player and the model will be the exchange’s ambassadors. Although the exact size of the equity investment has not been revealed, it is known that the couple will be compensated in cryptocurrency.

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