In a notable shift for crypto-sports partnerships, Coinbase has announced a new sponsorship deal with the NBA’s Golden State Warriors. This move marks Coinbase’s entry as one of the first U.S.-based crypto exchanges to resume major sports sponsorships since FTX’s high-profile collapse last year.
Coinbase Expands Sponsorships with Major Sports Deals
Coinbase’s new agreement with the Warriors is part of a broader push into sports, which also includes recent sponsorships with the Canadian Football League and the Nike Melbourne Marathon Festival. This comes nearly a year after FTX, a former crypto giant, folded following financial mismanagement revelations that impacted high-profile sponsorships. FTX had previously partnered with the Warriors in December 2021, developing NFTs and distributing Bitcoin to local nonprofits.
Warriors Chief Commercial Officer Mike Kitts said the Coinbase partnership aims to “build fandom using blockchain technology.” This collaboration adds to Coinbase’s existing deals with the NBA, the Women’s National Basketball Association, NBA G League, and NBA 2K League, underscoring its commitment to the sports sector.
Growing Market for Crypto Sponsorships in Sports
With the crypto market stabilizing after last year’s downturn, sports teams are beginning to re-embrace blockchain partnerships. Crypto.com, another major industry player, recently partnered with UEFA’s Champions League, while German football club Borussia Dortmund has secured deals with Coinbase and blockchain firm BlockDAG.
Fallout from FTX’s Collapse in Sports Sponsorships
Before its collapse in November 2022, FTX’s aggressive sponsorship strategy included partnerships with sports stars like Shaquille O’Neal and Tom Brady, and it even secured naming rights to the NBA’s Miami Heat arena until 2040. However, after FTX’s collapse, its debtors sought to reverse many of these sponsorship payments, alleging that funds were misappropriated from Alameda Research, FTX’s sister company—a claim spotlighted in the criminal trial of former CEO Sam Bankman-Fried.
As Coinbase fills the sponsorship gap left by FTX, this resurgence could signal a renewed, more cautious approach to cryptocurrency’s role in sports. With Coinbase and other firms stepping in, crypto branding may once again become a common sight in major sports arenas and events worldwide.
