On Tuesday (October 19), Coinbase (NASDAQ: COIN) announced that it had become the official crypto platform of American professional basketball league National Basketball Association (NBA).
According to a report by CNBC, as a result of this sponsorship deal, Coinbase will “leverage just about all the NBA’s platforms including the WNBA, NBA G League, NBA 2K League and USA Basketball.”
The report went on to say that this deal “comes one day after NBA commissioner Adam Silver confirmed the league is projecting $10 billion in revenue for the 2021-22 season.”
It also mentioned that Coinbase “wants to increase awareness around blockchain technology to grow the crypto economy” and that is why the NBA will “provide the company exposure including in Tuesday’s regular-season tip-off games on WarnerMedia property Turner Sports.” Furthermore, Coinbase will receive “presenting partner rights for the WNBA Commissioner’s Cup and the USA Basketball men’s and women’s national team exhibition tours.”
Several professional sports leagues have signed sponsorship deals with crypto companies this year. On June 23, FTX became the first crypto exchange to sponsor a professional sports league by announcing announced a long-term, global partnership with Major League Baseball (MLB).
And as CNBC reported on June 29, on that day, Formula 1 (aka “F1”) signed a sponsorship deal with crypto trading platform Crypto.com, as the result of which Crypto.com will get “brand presence around F1 events, including the new Sprint qualifying format that will be used in some races to determine the starting positions of the cars.”
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