U.S.-based cryptocurrency exchange Coinbase has entered the sports sponsorship arena once again, forging new partnerships after the industry took a hit following FTX’s collapse. Coinbase announced deals with the Canadian Football League, the NBA’s Golden State Warriors, and the Nike Melbourne Marathon Festival, becoming one of the first crypto companies to re-engage with sports branding.
Coinbase’s new sponsorships aim to deepen fan engagement through blockchain technology. With the Golden State Warriors, Coinbase intends to “build fandom using blockchain,” according to the team’s chief commercial officer, Mike Kitts. These partnerships add to Coinbase’s existing sports deals, including agreements with the Women’s National Basketball Association, NBA, NBA G League, and NBA 2K League.
Coinbase announced the new sponsorships in October 2023, marking a notable comeback for crypto in sports following FTX’s November 2022 collapse. FTX’s rapid rise and subsequent fall left a sponsorship gap that Coinbase is now filling, positioning itself as a major player in sports marketing for the crypto industry.
The partnerships have a broad geographic reach, covering events in North America, such as the Canadian Football League and the Golden State Warriors, as well as the Nike Melbourne Marathon Festival in Australia. Additionally, Coinbase’s involvement in sports now extends to Europe, with a new sponsorship announced by Coinbase and blockchain firm BlockDAG with Germany’s Borussia Dortmund.
The collapse of FTX in 2022 led to a pause in crypto sponsorships across the sports industry, leaving the market open for other players. FTX had previously partnered with high-profile athletes like Shaquille O’Neal, Naomi Osaka, and Tom Brady, and even had naming rights for the NBA Miami Heat’s arena. After FTX’s downfall, these sponsorships vanished, and the industry distanced itself from sports due to regulatory and financial concerns.
With FTX gone, Coinbase and firms like Crypto.com have begun to fill the void, re-establishing crypto’s presence in sports marketing. Coinbase’s partnerships focus on using blockchain to engage fans through NFTs and digital collectibles, aiming to rebuild crypto’s image in sports. Meanwhile, legal proceedings continue over FTX’s sponsorship payments, as its debtors try to reclaim funds allegedly misused by FTX’s sister company, Alameda Research. Coinbase’s strategic re-entry reflects a calculated effort to rebuild trust and connections with sports audiences worldwide.
