Coinbase to Sponsor NBA in Multiyear Partnership Deal

UTC by Juhi Mirza · 2 min read
Coinbase to Sponsor NBA in Multiyear Partnership Deal
Photo: Unsplash

Coinbase will officially become the exclusive cryptocurrency platform for the National Basketball Association.

The American cryptocurrency exchange Coinbase took to Twitter to announce its association with the prestigious National Basketball League (NBA). The cryptocurrency exchange will sponsor all NBA platforms such as WNBA, NBA 2K League, and USA basketball league. The deal has come in light of the news disclosed by NBA commissioner Adam Silver stating that the league is projecting $10 billion in revenue for the year 2021-22.

Coinbase and NBA Deal Intends to Educate Consumers about  the Crypto Space

In an announcement made on Tuesday, the cryptocurrency exchange has confirmed that it will officially become the exclusive cryptocurrency platform for the league. According to NBA, Coinbase will be responsible for creating unique and innovative content for basketball enthusiasts to learn more about the crypto domain and get their facts right regarding the emerging blockchain technology.

Kate Rouch, chief marketing officer of Coinbase has commented that the organization intends to establish interactive experiences with the NBA and WNBA community and aspires to formulate new bonds and experiences with athletes across the world.

As per the data secured from Statista, approximately 1.6 million people watch the NBA season games when they are broadcast on major television networks. Coinbase has confirmed that it would be featured during the games when they will be televised nationally. The deal will allow the platform to gain more exposure and attract potential fans to trade on the exchange platform. The company has also clarified that it’s hoping to accelerate the crypto economy by inviting more consumers and letting them be aware of the various advantages that are associated with cryptocurrency trading.

Many crypto companies and organizations have now been actively extending and initiating partnership deals in the sports sector hoping to create stable revenue channels. FTX which is a leading derivatives exchange has recently entered into a sponsorship deal with a major baseball league followed by another partnership deal with the International cricket commission.

Coinbase is a leading exchange platform that offers cryptocurrency trading to consumers. Founded in 2012, the company operates remotely and is valued at a market price of $64 billion. Coinbase’s extended portfolio offers trading with multiple cryptos such as Bitcoin, Bitcoin Cash, Ether, Litecoin, and the exchange of digital assets.  The exchange has also been recently selected as a custody partner of Facebook‘s Novi wallet, which is a digital wallet that will permit users to send and receive money internationally.

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Juhi Mirza
Author Juhi Mirza

Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.

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