BitPay, the world’s largest Bitcoin payment processor, announced via a news release sent to CoinReport today that it would sponsor the Georgia Institute of Technology’s Athletic Association, the sports program of the company founders’ alma mater. The deal will fund football and basketball teams of the Georgia Tech Athletics. BitPay says that the deal will help to promote Bitcoin awareness among their target demographic of college-aged males, and will help to put Bitcoin into the public consciousness in a positive way.
This sort of deal makes a lot of sense for BitPay, which is in the business of lubricating the path to Bitcoin acceptance for large corporations: Bitpay provides middleware software that allows businesses to drop Bitcoin acceptance into their storefronts – BitPay converts Bitcoin payments to USD, to allow users to accept Bitcoin without having to worry about currency instabilities. Popularizing Bitcoin directly impacts the company’s bottom line.
BitPay’s co-founder and CEO, Stephen Pair, expressed enthusiasm for the deal, saying:
“Through our partnership with IMG College, BitPay was able to sponsor Georgia Tech Athletics with bitcoin […] This sponsorship also allows BitPay to increase awareness of bitcoin and support our alma mater at the same time.”
Under the terms of the deal, the Bitcoin and BitPay logos will be displayed on the Bobby Dodd Stadium and the McCamish Pavilion during the course of the 2014-2015 school year.
Kristen Rose, general manager of Georgia Tech IMG Sports Marketing, which brokered the deal, said:
“Pairing an innovative technology company pioneering a new digital currency with Georgia Tech is a great match. The use of Bitcoin in the sports world is brand new, and we’re proud Georgia Tech is leading the trend through this partnership.”
This deal comes on the heels of the announcement that BitPay would sponsor the St. Petersburg College Bowl.