Cryptocurrency exchange Coinbase has revealed that it has struck a sponsorship agreement with a basketball team starting this National Basketball Association (NBA) season.
The deal only shows that the intricate worlds of cryptocurrency and professional sports are becoming more intertwined and could help shape the future of traditional sports.
The Partnership Deal
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 the home games of the Los Angeles Clippers.
LA Clippers and Coinbase have agreed to become partners this NBA season as they struck a deal this month, a move that would allow the crypto firm to advocate digital assets.
This will be the first NBA regular season that the Clippers will be playing their home games at the newly built $2-billion in Inglewood, California.
Before this basketball season, the Crypto.com Arena served as their homecourt, a stadium that the team shared with another NBA team, the Los Angeles Lakers.
Coinbase said they will utilize the sponsorship deal to push for the engagement of Clippers’ fans.
CRYPTO X NBA: COINBASE + LA CLIPPERS
Coinbase is making big moves, now sponsoring the LA Clippers alongside their multi-year NBA deal.
From exclusive merch to $5 in Bitcoin for new signups, they’re weaving crypto into the fan experience at the Clippers’ new $2B Intuit Dome.… pic.twitter.com/Jn6vVqaHCF
— IBC Group Official (@ibcgroupio) November 23, 2024
Educating About Blockchain Tech
The cryptocurrency exchange said the partnership would offer financial incentives to Clippers fans, adding that the sponsorship would give basketball fans “unique experiences and limited-edition merchandise.”
During home games, Coinbase would provide fans with physical and digital collectibles. However, as of writing, the financial details contained in the deal are not yet released to the public.
A Coinbase spokesperson said that the crypto exchange firm aims to educate basketball fans on digital assets and blockchain technology with the help of the new partnership, saying that it will be done in an educative and fun way.
“The goal is to provide a fun and safe pathway for fans 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 on Coinbase, they can earn season-long benefits courtesy of the crypto firm.
Crypto-Based Sports Sponsorships Era
The partnership between Coinbase and LA Clippers could be a hint of a new era of sports sponsorships dominated by cryptocurrency players, making crypto a permanent fixture in the sports industry.
Earlier, 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 that also offers special perks to Warriors’ fans during home games.
Analysts revealed that crypto platforms forging sponsorship deals with teams from major sports have been increasing. Through these sponsorships, digital asset companies are gaining more foothold in the sporting landscape.
Featured image from DALL-E, chart from TradingView
