It looks like cryptocurrencies are not done invading the sports world. Superstar and former NBA MVP Kevin Durant has signed a new partnership with exchange platform Coinbase, becoming its muse.
Coinbase pays Kevin Durant
Already a shareholder of Coinbase since 2017, Kevin Durant now becomes an official partner and muse of the American company. The two-time NBA champion and his company Thirty Five Ventures have signed a multi-year agreement with Coinbase to promote the exchange platform.
As part of the agreement, Durant will appear in advertisements as the face of the brand. At the same time, Coinbase is partnering with its sports news site, Boardroom, for ads and sponsored content on cryptocurrencies. In return, the American company has pledged money to Durant’s foundation to support its youth programs.
“Kevin has done very, very few deals with brands and it was voluntary […] Coinbase is part of this new partner model for us that fits into our overall business,”Rich Kleiman, Durant’s longtime manager and co-founder of his company.
As of this writing, the financial terms of the deal have not yet been revealed.
Cryptocurrencies and sports, a marketing affair
This year has undeniably been marked by far-reaching partnerships between the cryptocurrency industry and the world of sports. A trend that was initiated by the exchange platforms and continues to grow, as evidenced by this new news.
The FTX exchange and its CEO, Sam Bankman-Fried, have largely led the way in this area. After having concluded an agreement including the change of the name of the Miami Heat’s venue to FTX Arena, the American baseball league and its superstar Tom Brady have joined the ship.
Until now, the battle was mainly with the Crypto.com platform, which can boast of having renamed the mythical Los Angeles Lakers stadium to Crypto.com Arena. The exchange has also attracted sports entities such as Formula 1 and the Paris-Saint-Germain soccer club. But now, with Coinbase, a new competitor is also entering the race.