TL;DR Breakdown
- Coinbase becomes official partner of NBA.
- Basketball continues to integrate with cryptocurrency.
- Coinbase seekmore exposure for crypto, Blockchain with NBA partnership.
Top American crypto firm, Coinbase exchange has partnered with the National Basketball Association to become the exclusive cryptocurrency platform partner of the NBA, the NBA G League, the NBA 2K League, the Women’s National Basketball Association (WNBA), and the USA Basketball.
Both parties became partners on the 75th anniversary of the Basketball association as the association strategically partnered with a crypto firm to increase its presence in the cryptocurrency space to brace for the future.
The deal with Coinbase comes one day after NBA commissioner Adam Silver confirmed the league is projecting $10 billion in revenue for the 2021-22 season. The association projects so much as fans return to the Arena, which accounts for 40 percent of revenue. Sponsorships accounted for about $1.4 billion last season, according to valuation firm IEG. However, with Coinbase, the figure is expected to increase.
Coinbase exchange also is after increased awareness around blockchain technology to grow the crypto economy. Therefore, the NBA will provide the company exposure, including Tuesday’s regular-season tip-off games on WarnerMedia property Turner Sports. The crypto exchange would also have to present partner rights for the WNBA Commissioner’s Cup and the USA Basketball men’s and women’s national team exhibition tours.
Before Coinbase exchange, history behind crypto, basketball integration
Basketball clubs have been marrying their sports with cryptocurrencies for a while now as Coinbase exchange partnership is not alien to the sport.
Dallas Mavericks began accepting crypto payments for tickets and merchandise products earlier this year. The professional basketball outfit enabled BTC, ETH, BCH and DOGE payment.
They were followed by Sacramento Kings, another club that joined the crypto frenzy recently. The outfit partnered with blockchain company Ankr to educate basketball fans about the development of the digital asset sector.
More recently is The Los Angeles Lakers joining the crypto frenzy. The historic basketball club with many A-class players announced an official team sponsorship with Socios.com.
