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Coinbase has claimed a prominent place in NBA sports sponsorship, partnering with the Golden State Warriors and stepping into the void left by FTX’s collapse. The deal signals Coinbase’s commitment to reestablishing crypto’s influence across sports after last year’s fallout.
Coinbase Leads Crypto Comeback in Sports Sponsorship
After FTX's demise, Coinbase was among the first US-based bitcoin exchanges to get back into sports sponsorships.
Coinbase announced two distinct collaborations in October: one with the Canadian Football League and the other with the NBA's Golden State Warriors and the Nike Melbourne Marathon Festival.
FTX’s Impact on Crypto Sponsorships
A non-fungible token (NFT) collection and distribution of Bitcoin to local nonprofit groups were outcomes of FTX's partnership with the Warriors prior to its collapse in November 2022, Cointelegraph shares.
Warriors CCO Mike Kitts stated that "building fandom using blockchain technology" was the goal of the collaboration with Coinbase. The NBA, G League, 2K League, Women's National Basketball Association, and the cryptocurrency exchange all have existing partnerships.
Coinbase Steps into the Void Left by FTX
Now that the transaction is official, Coinbase appears to be stepping in to sponsor the Warriors in the crypto industry, following FTX's bankruptcy in 2022. The 2022 crypto market crash and FTX's demise garnered negative press, which led to the cancellation of numerous sponsorship agreements.
In August, Crypto.com stepped up and partnered with the UEFA Champions League, catching up with the industry. Coinbase and BlockDAG, a blockchain technology company, have announced partnerships with Borussia Dortmund, a German football team.
FTX’s Star-Studded Sports Partnerships and Their Fallout
During its heyday, FTX partnered with famous athletes including Shaquille O'Neal, Naomi Osaka of tennis, and Tom Brady of football. The Miami Heat's home venue will be renamed to the FTX venue until 2040 as part of the deals.
Kitts was contacted by Cointelegraph for comment, but no response was received as of writing.
Legal Battles Over FTX Sponsorship Payments
Debtors of the FTX exchange sought to have a portion of the sponsorship payments reversed after the exchange's bankruptcy in 2022.
At the criminal trial of former FTX CEO Sam Bankman-Fried, it was revealed that the monies utilized for the agreements were allegedly engaged in the misappropriation of funds from Alameda Research, the exchange's sister firm.
