Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student. She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.
This deal is not Durant’s first or only foray into crypto. In fact, the NBA star invested in Coinbase back in 2017 through his company.
National Basketball Association (NBA) star Kevin Durant, through his Thirty Five Ventures (35V) company, has entered a promotional deal with top cryptocurrency exchange Coinbase. Terms of the deal state that Durant, who also plays for the Brooklyn Nets will be ‘a face of the [Coinbase] brand’. In exchange, the crypto exchange will be able to post crypto ads and sponsored content on the forward’s sports website Boardroom. Coinbase will also make donations to the Kevin Durant Charity Foundation (KDCF), a charity that uses educational, sport and social programs to help at-risk youth. The total monetary value of the deal has not been disclosed.
Kevin Durant and Coinbase
35V and Coinbase will work together on various ventures, from NFT drops, storytelling and education on NFTs and the benefits of crypto. Through the deal, Coinbase hopes to highlight its growth so far and its creator-centric approach to the NFT marketplace.
Coinbase Chief Marketing Officer Kate Rouch comments:
“Kevin is a perfect partner for Coinbase because he is genuinely experienced and excited about crypto. He is a builder and embodies an entrepreneurial spirit that we look for in our partners. His authenticity will be critically important to helping us reach millions of fans around the world.”
The deal is not Durant’s first or only foray into crypto. In fact, the NBA star invested in Coinbase back in 2017 through his company. 335V participated in Coinbase’s $100 million Series D funding round that year.
“Being an early investor in a company you’re excited about is always an amazing feeling,” Durant said. “Being able to come back a few years later and create an even more in-depth partnership is rare, and we’re fortunate to be building further with Coinbase.”
Crypto in Sport and Beyond
In recent months, major players in the crypto industry have spent millions of dollars in deals with athletes, sports teams and entire leagues in a bid to drive the mainstream adoption of digital assets. Crypto exchange FTX, for instance, has deals in both the NBA and NFL. NFL quarterback Tom Brady has an equity stake in the exchange. Crypto.com has acquired naming rights for the NBA’s Los Angeles “Staples Center” arena. They also have deals with Formula 1 and the UFC. Some athletes, like the NFL’s Aaron Rodgers, have chosen to receive part of their salary in Bitcoin. Even before its deal with Kevin Durant, Coinbase has been working with celebrities and popular brands. The crypto exchange sponsors e-sports teams like Team Liquid and Evil Geniuses. In October, they closed a multi-year sponsorship deal with the NBA, becoming the association’s first crypto partner.
Chief Marketing Officer Kate Rouch reveals that she is exploring other parts of the economy outside sport for potential collaborations.