Coinbase becomes exclusive crypto partner of the NBA

This is the second major deal Coinbase has struck this week, following a collaboration with Facebook

Coinbase has struck a new sponsorship deal with the NBA, making it the official cryptocurrency platform for the sports franchise. CNBC reported yesterday that the crypto platform intends to expand its reach, and the sports league will provide the necessary exposure.

“Beginning with today’s kickoff of the NBA’s 75th anniversary season, Coinbase will have a branded presence during nationally televised games.  The company will also be Presenting Partner of the WNBA Commissioner’s Cup and the USA Men’s and Women’s National Basketball teams, as well as partner of the NBA G League Ignite.”the NBA in a Press release with.

Through this exclusive partnership, Coinbase will reach the divisions under the NBA umbrella, including the WNBA, NBA 2K League, USA Basketball, and the NBA G League. The deal did not mention anything about NBA fans being able to buy tickets and merchandise using crypto.

It’s not the first time the paths of US basketball have crossed with cryptocurrencies. Mark Cuban’s Dallas Mavericks have made significant steps in acquiring crypto, as the team has been accepting payments with digital assets through BitPay since 2019. In addition, the Sacramento Kings have already ventured into mining Ethereum. The California-based Kings were also the first major sports team to offer player salaries in Bitcoin earlier this year.

Yesterday, the Los Angeles Lakers announced a partnership with blockchain-based fan token platform Socios to offer virtual events for fans, reflecting Socios’ continued expansion in the United States. Now fans can interact and discuss topics related to their favorite team.

Tim Harris, the Lakers’ president of business operations, said the partnership with Socios.com allow the team to better support fan initiatives. The Managing Director of Socios.com , Alexandre Dreyfus, praised the LA Lakers as a strong brand that will help his company expand.

“The Los Angeles Lakers are one of the most prestigious brands in sports, and I’m thrilled to work with them while Socios.com rapidly expanding into the US market. What a great way to round off another great, incredible week of growth. We’ve laid some really important groundwork to take fan engagement in U.S. sports to the next level, and we couldn’t be more excited about what’s to come next.”

The token provider is continuously growing in sports and is also a big investor in football. He has worked with some major European football clubs, including Barcelona, Juventus, PSG and Milan. Last month, an agreement was reached with the Argentine club Boca Juniors for a fan token that could bring about $ 10 million to the club.

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