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Cryptocurrencies are becoming more integrated within sporting activities. Coinbase, a leading US cryptocurrency exchange, has announced that it will become the official crypto platform for the NBA, WNBA, NBA2KLeague and USA Basketball.
NBA Secures First Crypto Sponsorship
This sponsorship deal is unique, as it marks the first partnership for these four leagues with a cryptocurrency platform.
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In the announcement, Coinbase stated that this new deal “will consist of unique content, innovations, activations and experiences from Coinbase to educate fans on the increasing advancements happening across the cryptoeconomy.”
🏀 BREAKING 🏀
— Coinbase (@coinbase) October 19, 2021
We’re excited to announce that as of today we are the official crypto platform of the @NBA, @WNBA, @NBA2KLeague, and @usabasketball. Let’s go! pic.twitter.com/QQMjjHNlra
The NBA League is the National Basketball Association in the United States, while the NBA 2K league is made of the partnership between the NBA and Take-Two Interactive video game publisher.
WNBA is the Women’s National Basketball Association, one of the most popular basketball leagues in the US. On the other hand, USA Basketball is a non-profit body that governs the men’s and women’s basketball games in the United States. The association comprises the International Basketball Federation (FIBA) and other men’s and women’s national basketball teams.
The Senior Vice President of Global Marketing Partnerships and Media, Kerry Tatlock, commented on this partnership stating,
We look forward to collaborating with Coinbase to provide fans with new ways to engage with the league and each other, while also enhancing the experience for fans who are already Coinbase users.
With this partnership, Coinbase’s brand will be featured during televised games. Moreover, the company will also be the presenting partner of the WBNA Commissioner’s Cup and have a presence in the USA Basketball men’s and women’s national team exhibition tours.
Crypto Firms and Sports Sponsorships
Coinbase is not the only US exchange seeking to market itself using sports avenues. FTX, another leading exchange, purchased naming rights of the California Memorial; Stadium, which will now be known as the FTX Field at California Memorial Stadium. The $17.5 million deal also allowed FTX to advertise its products during games.
One of the most notable relationships between sports and the crypto sector is the Socios platform, quickly gaining popularity. The platform allows sports clubs to create fan tokens, boosting fan engagements and increasing a club’s revenues.