Cryptocurrency exchange Coinbase has revealed that it has signed a sponsorship deal with a basketball team starting this National Basketball Association (NBA) season.
The deal only goes to show that the complicated worlds of cryptocurrency and professional sports are becoming increasingly intertwined and could help shape the future of traditional sports.
The partnership agreement
Coinbase said that starting this 2024-2025 NBA regular season, the cryptocurrency platform’s logo and image will become a familiar sight at the Intuit Dome arena during Los Angeles Clippers home games.
LA Clippers and Coinbase have agreed to become partners this NBA season as they finalized a deal this month, a move that would allow the crypto firm to champion digital assets.
This will be the first NBA regular season in which the Clippers will play their home games at the newly built $2 billion facility in Inglewood, California.
Before this basketball season, the Crypto.com Arena served as their home court, a stadium the team shared with another NBA team, the Los Angeles Lakers.
Coinbase said they will use the sponsorship deal to drive Clippers fan engagement.
CRYPTO X NBA: COINBASE + LA CLIPPERS
Coinbase is making big moves and now sponsors the LA Clippers in addition to their multi-year NBA deal.
From exclusive merchandise to $5 worth of Bitcoin for new sign-ups, they’re weaving crypto into the fan experience at the Clippers’ new $2 billion Intuit Dome.… pic.twitter.com/Jn6vVqaHCF
— IBC Group official (@ibcgroupio) November 23, 2024
Education about Blockchain technology
The cryptocurrency exchange said the partnership would provide financial incentives to Clippers fans, adding that the sponsorship would give basketball fans “unique experiences and limited-edition merchandise.”
During home games, Coinbase provided fans with physical and digital collectibles. However, at the time of writing, the financial details of the deal have not yet been made public.
A spokesperson for Coinbase said the crypto exchange company aims to educate basketball fans about digital assets and blockchain technology using the new partnership, saying it will do so in an educational and fun way.
“The goal is to provide fans with 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 that it will offer Clippers fans Bitcoin worth $5, saying that if they sign up with Coinbase, they can earn seasonal benefits thanks to the crypto company.
Era of crypto-based sports sponsorship
The partnership between Coinbase and LA Clippers could herald a new era of sports sponsorship dominated by cryptocurrency players, making crypto a 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 company a key element in the Warriors’ digital strategy, which also offers special benefits to fans of Warriors during home games.
Analysts revealed that the number of crypto platforms forging sponsorship deals with major sports teams has increased. These sponsorships give digital asset companies a greater foothold in the sports landscape.
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