Sun. Aug 7th, 2022

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

Coinbase has a new sponsorship agreement with the NBA, making it the official cryptocurrency platform for the sports franchise. CNBC said yesterday that the cryptocurrency platform intends to expand its reach, and the sports league will provide the needed exposure.

“Beginning with the tip of the NBA 75th anniversary season, Coinbase will have a branded presence in games broadcast on national television. US women's basketball in addition to partner of the NBA G League Ignite , " the NBA said in apress release .

Through this unique partnership, Coinbase will reach divisions under the NBA umbrella, including WNBA, NBA 2K League, USA Basketball and NBA G League. The deal didn't mention anything about NBA fans being able to buy tickets and merchandise using cryptocurrencies.

This is not the first time that US basketball has crossed paths with cryptocurrencies. Mark Cuban's Dallas Mavericks have made significant strides in adopting cryptocurrency as the team has accepted payments using digital assets via BitPay since 2019. In addition, the Sacramento Kings have already ventured into Ethereum mining. The Kings, based in California, also became the first major sports team to offer salaries to Bitcoin players earlier this year.

Yesterday, the Los Angeles Lakers announced a partnership with the blockchain- based fan token platform Socios to offer virtual events for fans, reflecting Socios' continued expansion in the US. Now fans can interact and debate issues around their favorite team.

Lakers president of commercial operations, Tim Harris, noted that partnering with Socios.com would allow the team to better support fan efforts. Socios.com CEO Alexandre Dreyfus praised the LA Lakers as a strong brand that would help expand his company.

“The Los Angeles Lakers are one of the most prestigious brands in the sport and I am delighted to be working with them as Socios.com rapidly expands into the US market. What an amazing way to end another incredible week of growth. some really significant foundations for taking fan engagement to the next level in US sport and we couldn't be more excited about what's to come."

The token provider is continuously growing in sports and is also a big investor in football. Collaborated with some giant European football clubs, including Barcelona, Juventus, PSG and Milan. Last month, it reached an agreement for a fan token with Argentine team Boca Juniors, which could generate about $10 million for the club.

The post Coinbase Signs NBA Multi-Year Sponsorship Agreement appeared first on Bitcoin Guide .

By Dov Herman

Dov is a Blockchain and Forex trading enthusiast, who spends most of his time trading and examining software who are related to cryptocurrencies and forex trading. You can follow on Dov’s reviews and articles here on TrustedBrokerz and across the web.