- NBA has agreed to a sponsorship deal with cryptocurrency exchange Coinbase, which will become the league's exclusive crypto partner.
- Coinbase will get WNBA, NBA G League, and USA Basketball branding, but the deal's terms were not provided.
- Bitcoin will most likely be sidelined given Coinbase's priorities with marketing and "crypto."
The National Basketball Association has agreed to a sponsorship deal with Bitcoin and cryptocurrency exchange Coinbase ahead of its 75th anniversary, CNBC reported. With the agreement, the exchange has become the exclusive cryptocurrency partner of the NBA.
"The tech firm wants to increase awareness around blockchain technology to grow the crypto economy," the report said. "Hence, the NBA will provide the company exposure including in Tuesday's regular-season tip-off games on WarnerMedia property Turner Sports. Coinbase will also get presenting partner rights for the WNBA Commissioner's Cup and the USA Basketball men's and women's national team exhibition tours."
Coinbase will leverage nearly all of the platforms of the NBA, including the WNBA, NBA G League, NBA 2K League, and USA Basketball.
"In a statement, NBA executive Kerry Tatlock labeled Coinbase 'a natural fit' for the league's cryptocurrency asset," per the report. "NBA clubs have already leveraged crypto-related deals, including the Portland Trail Blazers' jersey patch and Miami Heat arena naming rights."
Although it is interesting to see the "crypto" industry advancing into the mainstream market, Bitcoin will likely be sidelined, given Coinbase's priorities.
Bitcoin is the de-facto innovation and the precursor of all the activity in the "crypto" industry. But more importantly, it is inherently separate from that industry, as both seek different goals. While Bitcoin strives to establish a new financial system, "crypto" aims to improve the existing one.
The dividing line between Bitcoin and "crypto" should be part of Coinbase's goal to "increase awareness" by leveraging its NBA exposure. However, that will likely not be the case, given that Coinbase is most often focused on establishing a high-time preference casino than empowering people by promoting education on freedom, sovereignty, economics, and Bitcoin.