According to a press release from the National Basketball Association (NBA), Coinbase has joined forces with the league.
Coinbase partners up with NBA
Coinbase will become the official cryptocurrency platform of the NBA through this collaboration, which will include a sponsorship agreement.
Coinbase will collaborate with the NBA to create material and experiences about the sport. Coinbase will collaborate with the NBA and have a presence on TV basketball broadcasts as a presenting partner.
The deal will also cover the NBA’s women’s league (WNBA), minor league (G League), e-sports league (NBA 2K) and national men’s league (USA Basketball).
It’s uncertain whether this will lead to the ability for consumers to pay for merch and tickets using cryptocurrency.
Some NBA teams already use cryptocurrencies as payment methods
Kerry Tatlock from NBA also said that Coinbase is a “trusted cryptocurrency platform used by millions” and it is “a natural fit as the NBA’s first-ever partner in this thriving category.”
Two NBA franchises have already jumped on the cryptocurrency bandwagon prior to today’s announcement. The Dallas Mavericks, run by Mark Cuban, is well-known for accepting cryptocurrency such as Dogecoin for tickets and merchandise.
The Sacramento Kings have already begun paying players in Bitcoin this season, and they’ve mined Ethereum in the past.
In March, team owners established an advisory group in order to explore new ways to incorporate blockchain into the league.