Popular US crypto exchange Coinbase announced a series of partnerships with professional basketball on Tuesday. It stated that it will be the “exclusive crypto platform partner” for the NBA and the WNBA. Also, it will be for NBA affiliated leagues and USA Basketball.
Multi-year sponsorship
The company said it arrangement will be on view tonight as the NBA season kicks off with a brand presence during nationally televised games.
In a blog post, the American exchange said the sponsorship will last for several years. It will include content creation as well as campaigns aimed at educating fans about developments in the cryptocurrency world. Kerry Tatlock, the NBA’s SVP of Global Marketing Partnerships and Media, said in a statement:
“As a trusted cryptocurrency platform used by millions, Coinbase is a perfect fit as NBA’s first-ever partner in this thriving category.”
The Competition Between Coinbase and FTX
Coinbase’s sponsorship deal comes after rival FTX has become aggressive on sports marketing. This is because, for example, the closing of a deal with Major League Baseball where FTX logos have appeared on the uniform of every umpire.
FTX also signed an agreement to put its name in the arena of the NBA’s Miami Heat. This created a potentially uncomfortable situation when it comes to televised basketball games in Miami.
“Hey. Good for them!” FTX founder Sam Bankman-Fried replied to a question about the possibility of overlapping sponsorships during Miami Heat games. Coinbase did not comment.
The NBA is already active in the cryptocurrency space, most notably through its NFT program known as TopShot. The competition’s NFT business is currently supported by Dapper Labs and its Flow blockchain. It is unclear whether that arrangement will remain in effect or whether Coinbase, which is launching its own NFT platform, will attempt to exert control over basketball-related NFTs. In addition to the NBA and WNBA, Coinbase sponsorship includes the NBA G League and NBA 2K League.