UCLA's Clark becomes 1st college athlete to launch own cryptocurrency

UCLA guard Jaylen Clark launched his own form of cryptocurrency Thursday, becoming the first college athlete to do so.

Clark made the announcement on his personal YouTube account.

The cryptocurrency is named $JROCK, according to ESPN's Myron Medcalf. Clark plans to carry out ticket giveaways and provide fans with exclusive content through the cryptocurrency, he told Medcalf.

Clark partnered with Rally, a company that allows people to create their own cryptocurrencies to use with their communities and fans.

Rally's vice president of partnerships, Nick Millman, says the collaboration was made possible by the NCAA's new name, image, and likeness legislation, which allows student-athletes to earn compensation from personal endorsements.

"The NCAA's policy change is allowing young, talented athletes to embrace the creator economy in ways which were previously not possible," Millman said in a statement.

Clark is entering his sophomore year with the Bruins. He averaged 2.5 points and 2.4 rebounds in 31 games as a freshman for UCLA, making all of his appearances off the bench.