Publicly traded US exchange Coinbase has become the first cryptocurrency company to partner with the National Basketball Association (NBA) ahead of the league’s 75th anniversary season.
The exchange wants to seize the occasion to enlighten fans on the increasing advancements happening within the crypto-economy:
NBA, WNBA Join Crypto
As per the report, Coinbase has signed a multi-year sponsorship deal with the NBA and will also become the partner of other professional basketball leagues, including the Women’s National Basketball Association (WNBA), NBA G League, NBA 2K League, and USA Basketball.
The sponsorship also means Coinbase will become the presenting partner for the league, meaning the company logo will be televised during matches.
The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission. Nobody believes this more than NBA and WNBA fans. We’re proud to become the leagues’ official cryptocurrency partner.
Kate Rouch, chief marketing officer, Coinbase
As NBA and MLB Embrace Crypto, NFL Appears Left Behind
NBA may likely enable cryptocurrency support in the future, as one of its executives, Kerry Tatlock, says it is looking to “provide fans with new ways to engage with the league and each other”.
Cryptocurrency has expanded its footprint on the sports industry in recent years, following continuous partnerships between crypto companies and sporting entities as well as through fan tokenisation. In June, FTX exchange became the first crypto sponsor of Major League Baseball (MLB) after signing a long-term partnership deal with the league.
Meanwhile, the National Football League (NFL) seems unmoved by the growing relationship between the sports and cryptocurrency industries. As recently as September, the NFL red-flagged cryptocurrency and NFTs, warning the teams not to sell any ads or seal crypto-related deals. More announcements from Coinbase and other crypto firms may be enough reason to get NFL into crypto.
Coinbase has been paying attention to trends and is prepared to tap demand from any market possible. Just days ago, the exchange announced its plan to launch a P2P NFT marketplace, which would mark its debut in the market. It also had plans to launch a Lending program, but the US Securities and Exchange Commission ruled against the product.
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