North America’s NBA started its 75th season on Tuesday but this one was marked with something a little different as the League agreed its first multi-year cryptocurrency deal with Coinbase.
Anybody starting out in the world of crypto has probably at least heard of Coinbase as a jumping-off point to getting involved as the platform allows users to buy and trade crypto with a particularly low barrier to entry and it seems as though Coinbase is looking to increase public awareness of its presence exponentially with this tie-up.
“As a trusted cryptocurrency platform used by millions, Coinbase is a natural fit as the NBA’s first-ever partner in this thriving category,” said Kerry Tatlock, NBA senior vice president of global marketing partnerships and media.
“We look forward to collaborating with Coinbase to provide fans with new ways to engage with the league and each other, while also enhancing the experience for fans who are already Coinbase users.”
Coinbase will feature across all of the NBA’s platforms including the WNBA and USA Basketball.
“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,” said Kate Rouch, CMO of Coinbase.
“As part of the partnership, we will create interactive experiences to engage with the NBA and WNBA’s incredible community and athletes around the world.”
As yet we don’t have the terms of the deal but the news is sure to alert fans of NBA franchises as to some of the possibilities around coin trading and NFTs in the near future.
Coinbase itself is traded on the Nasdaq and it was up 3.5% on Tuesday after the news broke.
Coinbase is not the first to broker a sports tie-in with rival crypto exchange Crypto.com partnering with F1 Racing in a $100 million deal in June.
The NFL however currently restricts its teams from negotiating crypto deals as it “studies the business”. This position is unlikely to last long however as the NFL cannot afford to be left behind while the cash rolls in.