Coinbase has a new endorsement agreement with the NBA, making it the official cryptocurrency platform for the sports franchise. CNBC said yesterday that the encryption platform intends to expand its reach and that the sports league will provide the necessary exposure.
“Starting tonight in the 75th NBA season, Coinbase will have a distinctive presence in games broadcast on national television. The company will also become the presenting partner of the Commissioner’s Cup. NBA partner G League Ignite, ”the NBA reported in a press release.
Through this unique partnership, Coinbase will reach divisions under the NBA umbrella including WNBA, NBA 2K League, USA Basketball and NBA G League. The deal made no mention of the ability for NBA fans to purchase tickets and merchandise using cryptocurrency.
This is not the first time that American basketball has encountered cryptocurrencies. Mark Cuban’s Dallas Mavericks have made significant strides in adopting encryption as the team has accepted payments using digital assets through BitPay since 2019. Additionally, the Sacramento Kings have already ventured into mining. of Ethereum. The California Kings also became the first major sports team to offer salaries to Bitcoin players earlier this year.
Yesterday, the Los Angeles Lakers announced a partnership with blockchain-based fan token platform Socios to deliver virtual events to fans, reflecting Socios’ continued expansion in the United States. Now fans can interact and discuss issues related to their favorite team.
Lakers president of business operations Tim Harris said the partnership with Socios.com would allow the team to better support fans’ efforts. Socios.com CEO Alexandre Dreyfus hailed the LA Lakers as a strong brand that would help grow his business.
“The Los Angeles Lakers are one of the most prestigious brands in the sport, and I am delighted to work with them as Socios.com grows rapidly in the US market. What a wonderful way to end another week of incredible growth We’ve laid a very important foundation for taking fan engagement to the next level in American sport, and we couldn’t be more excited about what’s to come.
The token provider continues to grow in sports and is also a big investor in football. He has collaborated with giant European football clubs like Barcelona, Juventus, PSG and Milan. Last month, he struck a fan token deal with Argentina’s Boca Juniors team, which could generate around $ 10 million for the club.