The Golden State Warriors have announced Coinbase as their official cryptocurrency partner, marking a shift in major U.S. sponsorships back towards crypto companies. This move comes after many sports organizations were impacted by the collapse of FTX, a high-profile crypto platform. Coinbase’s presence will be prominent in the Warriors’ Chase Center, offering on-chain giveaways and interactive game-day experiences to enhance fan engagement. Additionally, limited-edition merchandise featuring the Coinbase logo will be released, further integrating the brand with the Warriors’ identity.
This partnership builds upon Coinbase’s existing collaboration with the NBA and reflects the recent resurgence of crypto sponsorships in U.S. sports. Kate Rouch, Coinbase’s Chief Marketing Officer, expressed excitement about the collaboration, stating that it provides fans with accessible and enjoyable ways to engage with crypto. While specific financial terms and the duration of the agreement were not disclosed, this partnership is significant amidst the growing interest in sports sponsorships by crypto companies. According to CoinGecko, crypto firms have pursued three times the number of sports deals this year compared to 2020.
The Warriors’ decision to team up with Coinbase follows the collapse of their previous $10 million deal with FTX, which filed for bankruptcy. This event had a profound impact on the crypto market and prompted many sports teams to reconsider their partnerships with digital asset firms. The fallout from FTX’s demise highlighted the need for caution and due diligence in selecting reliable and stable crypto partners.
Sports clubs around the world have been increasingly exploring partnerships with blockchain firms. For instance, French football club Paris Saint-Germain (PSG) recently partnered with blockchain platform Matcha to revolutionize fan engagement and enhance data security through Web3 innovations. Major League Soccer’s Inter Miami, home to renowned player Lionel Messi, announced a partnership with Polkadot to enhance fan engagement through blockchain applications. UEFA, the governing body of European soccer, has also shown interest in securing sponsors from the crypto exchange sector for its upcoming Champions League club competition.
In the realm of sponsorships, Crypto.com has been at the forefront. The company spent $700 million for the naming rights to the former Staples Center, now known as Crypto.com Arena, where the Los Angeles Lakers play. Crypto.com has also entered into a $175 million deal to sponsor the UFC, placing its logo on various fight gear for a decade. The company has engaged in other sports partnerships, including with the Philadelphia 76ers and Formula 1 Racing, and has featured basketball superstar LeBron James in its promotional efforts.