On Tuesday, Coinbase announced that it is going into a multiple-year partnership with the National Basket Association, better known as NBA. The deal is not limited to the main NBA roster. It extends to its subsidiaries lie WNBA, NBA G League, and the USA Basketball. Coinbase CMO Kate Rouch, in an official statement, said that Coinbase would be working towards the development of an interactive experience to land at a mutually beneficial deal with the NBA and WNBA athletes. They will also work in close cooperation with thousands of NBA and WNBA athletes spread across nations.
Earlier this year, the NBA made its initial entry into the crypto space through a partnership with Dapper Labs. That partnership started an NFT mania within the NBA community. Coinbase is not the first cryptocurrency firm to tie up with a major United States sporting event. In July 2021, cryptocurrency exchange FTX partnered with Major league Baseball. For Coinbase, the move seems to be a natural progression after launching their NFT marketplace a few weeks back. Officials from Coinbase have refused to comment outside what is mentioned in the official release.
Entry into sporting events is sought by all major corporations, be it financial institutes or multinational companies. Engaging with a popular sporting team or event gives any company the much-needed support of its fan base. Crypto firms are slowly making this switch. From soccer to cricket, crypto firms have tied up with major sporting events everywhere in the world. Coinbase also hopes to reach new heights with its partnership with NBA.
