The advent of the cryptocurrency market allowed a slew of new developments and capital to enter the financial ecosystem. FTX.US, one of the most talked-about crypto exchanges of recent times took collaborations to another level with its new University of California, Berkeley partnership. According to reports, the latest deal would involve FTX.US paying the college $17.5 million over a period of 10 years.
FTX is also expected to support Cal’s Cameron Institute for Student-Athlete Development for creating an endemic system of athletes. In addition to this, the cryptocurrency exchange will contribute $200,000 to help underrepresented students as well as the local population. The Cal Golden Bears, the team representing the college, will play all their home matches in the newly rebranded FTX stadium.
FTX’s latest move comes after its tie-up with the Miami Heats. The exchange also expanded into Major League Baseball [MLB] where the umpires will wear FTX logos on their uniform. Sina Nader, the Chief Operating Officer of FTX stated post the announcement:
“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. Personally, I am excited to work alongside my alma mater to collaborate with local communities around a variety of causes.”
FTX hopes that the cryptocurrency investment into the university would boost positive sentiment for the digital asset world. The exchange was ecstatic about the event with the company raising more than $900 million last month. This elevated the company’s valuation to a whopping $18 billion.