The American cryptocurrency exchange giant FTX sponsors the University of California, Berkeley (UCB) with $17.5 million in cryptocurrency in exchange for getting the 10-year naming right of the California Memorial Stadium.
That is the first time in the historical past to sponsor the field naming rights of a university in crypto. The California Memorial Stadium might be referred to as FTX Area of California Memorial Stadium sooner or later.
In line with the official announcement, the funding for this sponsorship will be acquired by Learfield, an inter-school sports media and expertise service company, because the representative of the University of California Berkeley to get full payment from the FTX.US cryptocurrency.
The athletic department of UCB, Cal Athletics, and FTX stated that the funds obtained this time would support the event of student-athletes at Cameron Faculty and set up a community participation program designed to assist athletes to understand public service and success.
Cal Director of Athletics Jim Knowlton mentioned that:
“This agreement extends properly past field naming rights, which is part of our strategic plan to diversify income streams in help of our student-athlete experience and includes commitments for our Cameron Institute, Cal Veterans, and students in need here in Berkeley. We’re trying ahead to constructing our relationship now and in the years ahead.”
Because the COO of FTX.US, Sina Nader additionally accomplished his undergraduate authorized research at UCB and was a Golden Bears soccer staff member.
Nader mentioned a further $200,000 can be added to the cooperation, in accordance with the settlement. The sponsorship focuses on helping the homeless people in Berkeley and supporting organizations by helping underrepresented pupil teams at the College of California, Berkeley. He revealed that:
“We’re excited to accomplice with one of many world’s nice universities and develop crypto’s presence into the collegiate athletics panorama. This historic partnership may even enable us to collaborate on charitable initiatives that align with our organization’s core values.”
In addition, the FTX spinoff change has been dedicated to the involvement of cryptocurrency in sports competitions. In March of this year, the change received the naming rights of the NBA team’s home stadium of the Miami Heat for a value of $135 million.