Cryptocurrency exchange Coinbase has revealed that it has signed a sponsorship deal with a basketball team at the start of this National Basketball Association (NBA) season.
This deal only shows that cryptocurrencies and the complex world of professional sports are becoming more interconnected and could help shape the future of traditional sports.
partnership deal
Coinbase said that beginning this 2024-2025 NBA regular season, the cryptocurrency platform’s logo and image will become a familiar sight in the Intuit Dome arena during Los Angeles Clippers home games.
The LA Clippers and Coinbase have agreed to partner this NBA season as they inked a deal this month, a move that will allow the crypto firm to advocate for the digital asset.
This will be the first NBA regular season that the Clippers will play their home games in the newly constructed $2 billion stadium in Inglewood, California.
Prior to this basketball season, Crypto.com Arena served as their homecourt, a stadium the team shared with another NBA team, the Los Angeles Lakers.
Coinbase said they will use the sponsorship deal to boost Clippers fan engagement.
Crypto X NBA: Coinbase + LA Clippers
Coinbase is taking a bigger step, now sponsoring the LA Clippers alongside its multi-year NBA deal.
From special sales for new signups to $5 in Bitcoin, they’re incorporating crypto into the fan experience at the Clippers’ new $2B Intuit Dome.… pic.twitter.com/Jn6vVqaHCF
– IBC Group Officer (@ibcgroupio) 23 November 2024
Educating about blockchain technology
The cryptocurrency exchange said the partnership will provide a financial incentive to Clippers fans, adding that the sponsorship will give basketball fans “unique experiences and limited-edition merchandise.”
During home games, Coinbase will provide fans with physical and digital collectibles. However, at the time of writing, the financial details involved in the deal have not yet been released to the public.
A spokesperson for Coinbase said the crypto exchange firm aims to educate basketball fans on digital assets and blockchain technology with the help of the new partnership, adding that it will be done in an educational and fun way.
“The goal is to provide fans a fun and safe path to explore the transformative potential of these technologies and drive mainstream adoption,” the spokesperson explained.
The crypto exchange platform revealed it will offer $5 worth of Bitcoin to Clippers fans, saying if they sign up on Coinbase, they can make season-long profits courtesy of the crypto firm.
Crypto-based sports sponsorship era
The partnership between Coinbase and the LA Clippers could signal a new era of sports sponsorship dominated by cryptocurrency players, allowing crypto to become a permanent fixture in the sports industry.
Previously, Coinbase also signed a deal that made it the “Official Crypto Partner” of another NBA basketball team, the Golden State Warriors, making the crypto firm a key element in the Warriors’ digital strategy. Also provides special facilities to the fans. Home game.
Analysts revealed that crypto platforms striking sponsorship deals with major sports teams are on the rise. Through these sponsorships, digital asset companies are gaining a greater foothold in the sports landscape.
Image displayed from DALL-E, chart from TradingView
