The National Basketball Association has inked a sponsorship deal with cryptocurrency exchange Coinbase, according to CNBC.
This will be the NBA’s first cryptocurrency sponsorship, following in the footsteps of Major League Baseball (MLB) which made a deal with crypto exchange FTX, and Formula 1 which made a deal with Crypto.com, both earlier in 2021.
NBA & Coinbase a ‘Natural Fit’
NBA marketing executive Kerry Tatlock said in a statement: ‘As a trusted cryptocurrency platform used by millions, Coinbase is a natural fit as the NBA’s first-ever partner in this thriving category.’
The Coinbase brand will now appear on nationally-televised broadcasts of all the National Basketball Association’s platforms, including:
- The WNBA
- NBA G League
- NBA 2K League
- USA Basketball
Coinbase recently held their IPO and now are a publicly traded company on the Nasdaq under the ticker COIN with a $64 billion market cap.
This move into sponsoring a major sports league is another step towards the exchange becoming a household name for hundreds of millions of people, which can only be positive news for the cryptocurrency markets.
Many basketball fans will have heard the buzz around Bitcoin once again approaching its all-time highs around $65,000 and will now be shown how to buy Bitcoin on their TV screens.
‘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‘ – Coinbase chief marketing officer Kate Rouch commented.
The owner of the NBA’s Dallas Mavericks, billionaire Mark Cuban, has been vocal about his support for Bitcoin and Ethereum, investing in both himself.