As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed the ebb and flow of trends and technologies that have shaped our economic landscape. The recent foray by Coinbase into sports sponsorships following the collapse of FTX is an intriguing development, to say the least.
After the fall of FTX, Coinbase is among the initial U.S. crypto trading platforms to restart involvement in sports endorsements.
In separate October announcements, Coinbase unveiled partnerships: one with the Canadian Football League, another with the NBA’s Golden State Warriors, and a third with the Nike Melbourne Marathon Festival. Prior to its November 2022 bankruptcy, FTX had partnered with the Warriors, leading to the creation of an NFT collection and donation of Bitcoin (BTC) to local charities.
As reported by Warriors’ Commercial Chief Officer Mike Kitts, the objective of their partnership with Coinbase was to foster a fan base using blockchain technology. Notably, the cryptocurrency exchange has previously established partnerships with the Women’s National Basketball Association, NBA, NBA G League, and NBA 2K League.
Are teams more open to crypto sponsorships?
Since FTX fell apart in 2022, Coinbase appears to be stepping up as the crypto company supporting the Warriors, as numerous other such partnerships were scrapped due to unfavorable media coverage surrounding the 2022 crypto market crash and FTX’s demise.
In addition to its regular operations, Crypto.com has taken on a portion of the sector’s responsibilities by teaming up with the UEFA Champions League in August. Similarly, Coinbase and Blockchain company BlockDAG have also entered into agreements with German soccer team Borussia Dortmund.
At its height, FTX established collaborations with well-known sports personalities like Shaquille O’Neal, tennis player Naomi Osaka, and footballer Tom Brady. These agreements encompassed the privilege to rebrand the Miami Heat’s home stadium as the FTX Arena until 2040.
crypto moon attempted to contact Kitts for their thoughts, however, they had not responded by the time the article was released.
Following its 2022 bankruptcy, creditors of FTX sought to reclaim some funds that were spent on sponsorships. The money used in these transactions is said to have been improperly channeled from FTX’s affiliated company, Alameda Research, a point raised during the criminal trial of Sam Bankman-Fried, the former CEO of FTX.
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2024-10-28 23:31