SEC · The Block
Ripple becomes Kansas Jayhawks sports sponsor with XRP patch to appear on jerseys
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With Ripple becoming an official sponsor of Kansas Jayhawks sports, XRP will be the first cryptocurrency to appear on the jerseys of a major collegiate athletics program, the company said Wednesday.
Key facts
- In 2020, the U.S. Securities and Exchange Commission accused Ripple of raising $1.3 billion through the sale of (XRP), which it said was an unregistered security
- In the end, Ripple was ordered to pay about $125 million, and both the SEC and Ripple dismissed their respective appeals last August
- XRP is the fourth-largest non-stablecoin cryptocurrency, with a market cap of $67.5 billion 's price data
- As part of the sponsorship deal with CEO Brad Garlinghouse's alma mater, an XRP patch will be placed on team jerseys
Summary
As part of the sponsorship deal with CEO Brad Garlinghouse's alma mater, an XRP patch will be placed on team jerseys. "Ripple recognizes the unique reach and passion of the Jayhawk community, and we're proud they have chosen Kansas Athletics as a premier platform to introduce XRP to millions of sports fans," said Travis Goff, director of athletics at the University of Kansas. While cryptocurrency firms sponsoring sports teams and arenas is nothing new, corporate logos on college jerseys are. Besides the sports partnership, Ripple has committed to fund financial and technology education programs for student-athletes in addition to expanding "its existing talent pipeline connecting Kansas graduates to careers across the technology industry.