Coinbase has signed a deal with NBA team the Golden State Warriors, which comes as the digital asset firm reconsiders the value of U.S.-based sports marketing deals after teams and leagues come under fire for a number of players. It is the latest sign that it is keen on such a deal. Following the bankruptcy of FTX.
As part of the deal, the cryptocurrency exchange's branding will be prominently displayed at the Warriors' Chase Center and on exclusive team merchandise, Coinbase said in a statement this week. The trading platform will also run on-chain benefits and game-day activations for Warriors fans.
This transaction further deepens Coinbase's existing multi-year partnership with the NBA as US-based sports marketing deals experience a widespread resurgence in the crypto industry.
“Our exclusive partnership with the Golden State Warriors provides fans with a simple and fun way to play,” Kate Rouch, Coinbase's chief marketing officer, said in a statement. “We're excited to bring Dub Nation on-chain. “I am doing so,” he said.
Coinbase did not disclose formal terms of the deal, including cost and duration. Neither Coinbase nor the Warriors responded immediately. decryptionThis is a comment request from .
This latest agreement comes amid a resurgence of partnerships between cryptocurrency companies and American sports franchises. Year-to-date, crypto companies have completed three times as many sports-related deals as in 2023, according to data from CoinGecko.
In 2022, soon after the digital asset exchange FTX went bankrupt and the cryptocurrency market fell into a severe crash, many sports marketing deals collapsed. The Warriors were one of the teams that signed with FTX in a $10 million deal announced in December 2021. Other teams and leagues were similarly hit hard in the aftermath of the exchange's sudden closure and bankruptcy.
Edited by Andrew Hayward
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