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Adidas Originals, which primarily focuses on sneakers, announced that it has partnered with Coinbase.
This is the extent of the information provided by the cryptic tweet, which merely added that it was “probably nothing.” While Coinbase replied to the tweet itself with a handshake emoji, it also retweeted it, adding “welcome to the party, partner!”
While it is still unknown what the collaboration will entail, this will not be Adidas’ first foray into crypto. The iconic sportswear firm partnered with the number one overall pick at the 2021 NFL draft Trevor Lawrence earlier this year to release a series of commemorative non-fungible tokens (NFTs). The proceeds from the 3D animated trading card collectibles went to support communities in Jacksonville, home of the Jaguars which signed Lawrence.
Coinbase challenges
Earlier this month, Coinbase released its third-quarter financial report, in which it reported making $1.23 billion in net revenue for the period. This is down 39% from the previous quarter, which saw the company collect a record $2 billion in revenue. At $406 million, net income was also down nearly 75% from the $1.6 billion in second quarter profits.
The report stated that net income was just $406 million, down almost 75% from the second quarter, which netted the firm a whopping $1.6 billion in profits. It reported an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $618 million.
Although Coinbase described the period as having “softer crypto market conditions, driven by low volatility and declining crypto asset prices,” it still managed a tidy profit. Despite this, share prices did not react well to the drop in profits, falling up to 10% in the hours following the release of the financial results.
In order to keep up with the increasingly competitive environment represented by these diminished figures, Coinbase continues to roll out new products, trying to anticipate consumer demand. Last month, the exchange announced that over 1 million people had already registered on the waitlist for their forthcoming NFT platform.
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