FTX And ‘The Bears’ Partner Up: Cal Athletics to Receive Crypto Payments

Cal Athletics – the sports teams representing the University of California, Berkeley – and FTX have signed the first sponsorship between a college athletic department and a cryptocurrency platform.

As part of the $17.5 million deal, the team’s home ground will change its name to FTX Field at California Memorial Stadium. At the same time, the university will receive the payment entirely in digital assets.

FTX Enters into New Waters

According to a recent press release, the popular US cryptocurrency exchange – FTX – signed a 10-year agreement with Cal Athletics. The mission: to build out and support a community engagement program for the Cameron Institute for Student-Athlete Development. What’s more, FTX would invest in educating Berkeley’s poor minorities about short-term and long-term investments.

The two organizations shook hands on a $17.5 million deal. Learfield – technology services company that supports the college – will receive the amount in digital assets on behalf of Cal Athletics. The collaboration also includes a change of the stadium’s name.

The home of ‘The Bears,’ as fans 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 September, 4th when Cal hosts Nevada.


Jim Knowlton – Director of Cal Athletics – 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.

In his turn, Sina Nader – Chief Operating Officer at FTX – commented:

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

FTX And Its Sports Endeavors

Creating a collaboration with a sports organization is not a precedent for the cryptocurrency exchange FTX.

For example, the platform inked a partnership with one of the most popular NBA teams – the Miami Heat. After the deal, worth $135 million, the team’s home court received a name change and is now officially called the FTX Arena.

What happened in the crypto-loving city of Miami only inspired FTX to look for more such collaborations. At the end of June, the trading venue entered into a “long-term, global partnership” with Major League Baseball (MLB). This has become the “first-ever” official collaboration between “a professional sports league and a cryptocurrency exchange.”

The legendary quarterback Tom Brady also partnered up with FTX. He and his wife – Gisele Bündchen – took an equity stake in the cryptocurrency trading platform. As a result, the American football star and the model will serve as ambassadors for the exchange. Although the amount of the equity stake has not been disclosed, it’s known that the duo will receive some sort of payment in cryptocurrencies.


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Bankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion

Bitcoin and cryptocurrencies have roared back over the last month after a China and Elon Musk-induced sell-off.

The bitcoin price last night broke above $50,000 per bitcoin for the first time since May. Meanwhile, double-digit gains among other major cryptocurrencies—including ethereum, Binance’s BNB, cardano, and Ripple’s XRP—helped the combined crypto market value climb to over $2.1 trillion, up from $1.1 trillion in July.

Ahead of the latest bitcoin and crypto price surge higher, a poll of mostly banking executives found most think bitcoin and digital assets could replace fiat currencies like the U.S. dollar within the next five to 10 years—a shift described as “seismic.”

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“We uncovered several findings that illustrate a seismic shift in financial services resulting from the evolution of blockchain-based digital assets,” consultants led by Linda Pawczuk at the accountancy company Deloitte wrote alongside a report that found 76% of finance professionals think bitcoin and crypto could serve as an alternative to or replacement for fiat currencies in the next five to 10 years.

A strong majority (81%) of the almost 1,300 executives questioned think blockchain, the technology that underpins bitcoin and cryptocurrencies, is broadly scalable and has already achieved mainstream adoption. Meanwhile, 73% think their company should adopt crypto and blockchain or risk losing competitive advantage.

“The foundation of banking has been fundamentally outlived and financial services industry players must redefine themselves and find innovative ways to create economic growth in the future of money,” Pawczuk, who heads up Deloitte’s global blockchain and digital assets practice, said in a statement alongside the report.

This year, Wall Street banks from Goldman Sachs GS to JPMorgan JPM have begun rolling out bitcoin and crypto services to their clients as central banks around the world experiment with blockchain-based central bank digital currencies (CBDCs).

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China has already started real-world trials of its digital yuan, while countries across Europe and North America make early salvos into CBDCs. A keenly-anticipated Federal Reserve report on CBDCs is due out in September and could shed light on what a future digital dollar might look like.

Elsewhere, social media giants Facebook and Twitter TWTR have begun looking to bitcoin and crypto, with Facebook attempting to build its own blockchain-based cryptocurrency, diem, and Twitter chief executive Jack Dorsey focused on bitcoin development.

“The future is happening right now,” the Deloitte report read. “Participation in the age of digital assets is not an option—it is inevitable.”


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Time to pump? Data suggests traders intend to push Filecoin (FIL) above $100

Filecoin (FIL) accumulated 65% gains over the past 30 days to reach its highest price since June 8. The recent strength was accelerated after an Aug.6 partnership with Chainlink’s oracle protocol on Aug. 6 allowed the projects to join their grant initiatives to speed up the development of hybrid smart contracts to leverage code running on the blockchain while the managing data computation process off-chain.

Filecoin (FIL) price in USD at Coinbase. Source: TradingView

Numerous events triggered the $235 all-time-high on April 1, but that movement is clearly long gone because the cryptocurrency is 67% below that level. Let’s take a moment to understand what triggered the rally and whether these drivers still exist.

China-based mining activity boosted investors’ expectations

Filecoin is a decentralized cloud-based data storage network that allows its users to gain rewards for selling their excess storage on an open-source platform. The built-in economic incentives ensure files are reliably stored over time.

The network’s storage capacity surpassed 2.5 exabytes in February, which lead to positive remarks from influencers like Cameron Winklevoss, the billionaire investor and co-founder of the Gemini exchange.

On March 17, Grayscale Investments, the digital currency asset manager behind the GBTC Trust, announced the launch of its Filecoin investment vehicle.

On March 25, a $23 million Filecoin Ecosystem Fund was announced, backed by large Chinese investment groups like Fenbushi Capital, SNZ Capital, and Neo’s EcoFund.

New smart contract capabilities are expected and FIL’s daily issuance was cut

On March 31, Qtum founder Patrick Dai said that the protocol was working to enable smart contracts for Filecoin through the Qtum network.

On April 10, Martin Gaspar, a research analyst at CrossTower exchange, told Cointelegraph that solid demand from Chinese miners emerged due to a shortage of proof-of-work rigs. Gaspar added that these miners “are required to pledge the FIL token as collateral, resulting in demand for the token.”

Lastly, on April 15, Filecoin changed its supply economics, reducing its daily issuing from 648,000 FIL per day to 365,000. The drastic cut likely led to a perception of scarcity for the token. In turn, it may have caused retail investors and miners to accelerate their investments ahead of the event.

Data shows retail activity has been picking up

Perpetual futures contracts, also known as inverse swaps, have an embedded rate usually charged every eight hours to ensure no exchange risk imbalances.

Whales, arbitrage desks, and market makers avoid exposure to these instruments due to their variable funding rates. When longs (buyers) demand more leverage, they are the ones paying the fee. The opposite holds when shorts (sellers) use more leverage, thus causing a negative funding rate.

Filecoin (FIL) perpetual futures 8-hour funding rate. Source: Bybt.com

The above data clearly shows the funding rate surging between Aug. 10 and Aug. 17, and it reached a positive 0.08% average. This number translates to 1.7% per week, indicating increased leverage longs activity. After receding for a couple of days, the indicator initiated another hike to a 0.10% fee charged every 8-hour from longs.

The current 2.1% weekly equivalent fee indicates even stronger leverage from retail traders, which means optimism. Of course, there’s no way to know if the recent move will be enough to spark a continuous price improvement, but traders seem to believe $100 is closer than ever.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.