Cryptocurrency exchange Coinbase revealed that it has entered into a sponsorship agreement with a basketball team that begins the National Basketball Association (NBA) season.
The deal just shows that the complex worlds of cryptocurrency and professional sports are becoming more intertwined and could help shape the future of traditional sports.
Partnership deal
Coinbase said that starting with the 2024-2025 NBA regular season, the cryptocurrency platform’s logo and image will become a familiar sight in the Intuit Dome during home games for the Los Angeles Clippers.
The LA Clippers and Coinbase have agreed to become partners for the NBA season as they reached an agreement this month, a move that would allow the cryptocurrency company to defend digital assets.
This will be the first NBA regular season in which the Clippers will play their home games in the newly built $2 billion arena in Inglewood, California.
Prior to this basketball season, Crypto.com Arena served as the team’s home arena, an arena that the team shared with another NBA team, the Los Angeles Lakers.
Coinbase said it will use the sponsorship deal to push for Clippers fan participation.
Crypto X NBA: Coinbase + No Clippers
Coinbase is making big moves, now sponsoring the LA Clippers along with a multi-year NBA deal.
From exclusive merchandise to $5 in Bitcoin for new sign-ups, they’re incorporating crypto into the fan experience at the Clippers’ new $2 billion Intuit Dome. pic.twitter.com/Jn6vVqaHCF
— IBC Group Administrator (@ibcgroupio) November 23, 2024
Education about Blockchain technology
The partnership will offer financial incentives to Clippers fans, the cryptocurrency exchange said, 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, as of writing, the financial details contained in the deal have not yet been disclosed to the public.
A Coinbase spokesperson said the cryptocurrency exchange aims to educate basketball fans about digital assets and blockchain technology with the help of the new partnership, saying it will be done in an educational and fun way.
“The goal is to provide a fun and safe path for audiences to explore the transformative potential of these technologies and drive mainstream adoption,” the spokesperson explained.
The cryptocurrency exchange has revealed that it will offer Clippers fans $5 worth of Bitcoin, saying that if they sign up with Coinbase, they can receive season-long benefits from the cryptocurrency company.
The era of cryptocurrency-based sports sponsorship
The partnership between Coinbase and the LA Clippers could signal a new era of sports sponsorship dominated by cryptocurrency players, making cryptocurrencies a permanent fixture in the sports industry.
Earlier, Coinbase also signed a deal that made it the “official cryptocurrency partner” of another NBA basketball team, the Golden State Warriors, making the cryptocurrency company a key component of the Warriors’ digital strategy that also offers special perks to Warriors fans. During home games.
Analysts revealed that cryptocurrency platforms concluding sponsorship deals with teams from major sports are on the rise. Through this sponsorship, digital asset companies gain a greater foothold in the sports landscape.
Featured image from DALL-E, chart from TradingView
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