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Golden State Warriors and FTX have signed a deal for sponsorship rights and this was revealed this week. The National Basketball Association team’s partnership with the cryptocurrency platform has been described as a first of its kind but the exact terms were not disclosed to the public.
As per CNBC, FTX will be paying $10 million to Golden State Warriors for international sponsorship rights. While the terms were not made public, sources who have knowledge of the transaction shared that the NBA team agreed to the multi-year partnership deal with the crypto company.
This is also said to be the first international deal for the Golden State Warriors team that is worth $5.6 billion. The Nassau, New Providence, Bahamas-headquartered company is also said to be valued at a staggering sum of $25 billion and considered as the largest digital currency exchange in the world. It is the leading rival of several other crypto exchanges such as Binance, Coinbase, and Kraken.
“Cryptocurrency has a well-established worldwide community and is going to continue to be a major part of the sports, media, and entertainment industries,” Brandon Schneider, Golden Warriors president and chief operating officer, said in a press release that was posted on NBA’s website. “In our conversations with FTX, we quickly realized our joint desire to innovate around cryptocurrency integration and adoption, including the role NFTs play in global fan engagement.”
It was mentioned that the NBA began to allow teams to sign international deals in 2019 and this was done in an effort to expand the leagues’ footprint in the global arena. With the sponsorship rights, FTX will get to display its brand within the Warriors’ G League club and its esports team at the NBA 2K. FTX logo will also appear in-arena signage at Chase Center plus it has the rights to GSW’s future non-fungible token or NFT releases.
FTX logo will be shown on TV during live local and national games as well. The Warriors’ partnership with the crypto exchange firm also goes beyond the mentioned arrangements as the FTX emblem will also be on the press table for the Santa Cruz Warriors and G League affiliate.
