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Coinbase Becomes the NBA’s First Cryptocurrency Sponsor

The National Basketball Association is preparing  for its 75th anniversary on Tuesday. But it also increased its presence in the cryptocurrency space as it braces for the future.

The NBA agreed to its first cryptocurrency sponsorship deal with Coinbase, the publicly traded company that makes an exchange for crypto trading. In the agreement, Coinbase will leverage just about all the NBA’s platforms including the WNBA, NBA G League, NBA 2K League and USA Basketball. Terms of the deal were not provided.

Coinbase is a software platform that allows cryptocurrency transactions, and the company makes money from fees. Coinbase is traded on the Nasdaq under ticker symbol “COIN” with a $64 billion market cap. Coinbase stock was up 3.5% Tuesday afternoon.

Read the source article at cnbc.com

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