FTX and The Bears partner up

Cal Athletics to receive Crypto Payments

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The recent press release suggests that the popular US cryptocurrency exchange, FTX, has signed a ten-year agreement with Cal Athletics. The mission is to build out and support a community engagement program for the Cameron Institute for Student-Athlete Development. That is not where it ends, there is more positive news, it has been reported that FTX would invest in educating Berkeley’s poor minorities providing short-term and long-term investments.

The two organizations have signed a $17.5 million deal. Learfield, the technology services company that supports the college will receive the amount in digital assets on behalf of Cal Athletics. This collaboration of the two also includes a change of the name of the stadium. 

The Director of Cal Athletics, Jim Knowlton has praised FTX as a reliable partner. He pointed out that the collaboration is not about changing the stadium’s name but creating support for athletes and students in need in the Berkeley area. The Chief Operating Officer at FTX, Sina Nader stated, “We’re excited to partner with one of the world’s great universities and expand crypto’s presence into the collegiate athletics landscape. This historic partnership will also allow us to collaborate on charitable initiatives that align with our organization’s core values.”

Nader has also added that on top of the $17.5 deal, FTX would also distribute an additional $200,000 that “will be used to help fight homelessness in Berkeley and support organizations that help underrepresented student groups.”

The home of ‘The Bears,’ as the fans like to call the team playing for the university, will now be named FTX Field at California Memorial Stadium. The first game on it is scheduled for the 4th of September when Cal will host Nevada. This collaboration with a sports organization was not something that one had expected from the cryptocurrency exchange FTX but surely seems to be a well thought out partnership, which would be beneficial for the sports, education and cryptocurrency world.

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