Cal Athletics (the sports teams under the University of California) and FTX have made a collaboration to sign the earliest sponsorship among a crypto platform as well as a college-based athletic department. As a portion of the deal comprising $17.5M, the name of the home ground of the team will be replaced by FTX Field at California Memorial Stadium. Simultaneously, the crypto payments will be provided to the university completely in digital assets.
FTX moves in new dimensions
As stated in the latest press release, FTX has joined Cal Athletics as a partner by signing an agreement of up to 10 years. The purpose of this mutual collaboration is to develop and assist a project for community engagement for the Cameron Institute, which serves for the development of student-athletes. FTX would make long and short-term investments to provide education for the poor minorities of Berkeley (the native area of the University of California).
The two institutions made a deal of $17.5 million. The digital assets’ amount earned by Cal Athletics will be received by Learfield (a technology services provider firm that assists the college). The collaboration also incorporates the replacement of the name of the stadium, which is the native ground for ‘The Bears’ (as the community calls the team), with FTX Field at Memorial Stadium. The initial game to be held on this ground is planned for 4th September, when Nevada will be hosted by California.
In this regard, Sina Nader (the COO at FTX) expressed that the company is excited for having a partnership with one of the great universities across the world to expand the crypto availability for collegiate athletics of the vicinity, and an additional $200,000 will be utilized to tackle with Berkeley’s homeless people and underrepresented students.
FTX’s ventures in sports
The crypto exchange firm FTX has not first made such collaboration with a sports institution. For instance, it has signed a partnership with Miami Heat (the most prominent among the NBA teams). Following the agreement of up to $135M, the name of the home court of the team was replaced with FTX Arena. The results acquired from the crypto-friendly city encouraged FTX to pursue other such collaborations. At June’s end, it engaged in a global collaboration with MLB (Major League Baseball). The partnership was proclaimed as the earliest between a crypto exchange and a professional league of sports.
Tom Bardy (a well-known football quarterback) also joined FTX as an equity stake was taken by him along with his wife. He and his wife will work as the exchange’s ambassadors.