- Advertisement -

NS National Basketball Association There is a new partnership.

As the league prepares to begin its 75th season on Tuesday, the NBA agreed its first multi-year, cryptocurrency sponsorship deal with Coinbase, a publicly traded company that specializes in crypto transactions. Allows and collects money for a fee.

advertisement

CLICK HERE FOR MORE SPORTS COVERAGE AT FOXBUSINESS.COM

- Advertisement -

Coinbase will use all platforms of the NBA, including the WNBA, NBA G League, NBA 2K League and USA Basketball. The terms of the deal have not yet been provided. Coinbase, which has a market cap of $64 billion, is traded on the Nasdaq and was up 3.5% on Tuesday afternoon.

“As a trusted cryptocurrency platform used by millions, Coinbase is a natural fit As the NBA’s first partner in this thriving category,” said NBA Senior Vice President of Global Marketing Partnerships and Media, Kerry Tatlock. “We partner with Coinbase to provide fans new ways to connect with the league and each other.” look forward to cooperating. , as well as enhancing the experience for fans who are already Coinbase users.”

On Monday, NBA commissioner Adam Silver said the league is projected to make $10 billion in revenue for the upcoming 2021-22 season. With fans expected to return to the arenas, 40% of league revenue will come from the sale of tickets, concessions and other convenience merchandise. According to IEG, the sponsorship stake was $1.4 billion last year.

With the Coinbase deal, the NBA believes that sponsorship dollars should also increase.

“The freedom to participate and take advantage of what you believe in is at the heart of Coinbase’s mission. No one believes in this more than NBA and WNBA fans. We are proud to be the league’s official cryptocurrency partner,” Said Kate Roach, Head of Marketing at Coinbase. “As part of the partnership, we will create interactive experiences to connect with the incredible community of the NBA and WNBA and athletes from around the world.”