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Coinbase signs multi-year sponsorship deal with the NBA

 


This is the second big deal Coinbase closed this week after working with Facebook

Coinbase has signed 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 today with the NBA's 75th Anniversary Season, Coinbase will have a branded presence during nationally televised games. The company will also become a Presenting Partner of the WNBA Commissioner's Cup and the United States Men's and Women's National Basketball Teams and a partner in the NBA G League Ignite, " said the NBA in a press release.

Through this exclusive partnership, Coinbase will reach the departments under the umbrella of the NBA, including the WNBA, NBA 2K League, USA Basketball and the NBA G League. The deal said nothing about NBA fans being able to purchase tickets and merchandise using crypto.

It's not the first time that US basketball has crossed paths with cryptocurrencies. Mark Cuban's Dallas Mavericks have taken significant steps in adopting crypto as the team has been accepting digital asset payments through BitPay since 2019. In addition, the Sacramento Kings have already ventured into Ethereum mining. 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 the blockchain-based fan token platform Socios to host virtual events for fans, reflecting Socios' continued expansion in the US. Now the fans can interact and discuss topics related to their favorite team.

Tim Harris, President of Business Operations for the Lakers, said the partnership with Socios.com will enable the team to better support fan initiatives. Socios.com CEO Alexandre Dreyfus praised LA Lakers as a strong brand that will help his company expand.

"The Los Angeles Lakers are one of the most prestigious brands in the sport and I am thrilled to be working with them as Socios.com is rapidly expanding into the US market. What a great way, another great, incredible week of growth We've laid some really important foundations to take fan engagement in US sports to the next level and we couldn't be more excited about what's next. "

The token provider is growing steadily 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 Argentinian club Boca Juniors on a fan token that could bring the club around $ 10 million.

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