This is the first crypto-related sponsorship to appear after the FTX debacle
Coinbase has announced a recent sponsorship of the NBA’s Golden State Warriors, marking a significant move as crypto sponsorships in sports rebound following the collapse of FTX. This new deal fills a notable void left after FTX’s partnership with the Warriors ended in late 2022 when the exchange went bankrupt. At its peak, FTX had launched major sports initiatives, including a high-profile NFT collection and contributions to local nonprofits, leaving a big impression on the sports industry before its sudden downfall.
The Warriors’ chief commercial officer, Mike Kitts, stated that the Coinbase partnership aims to enhance fan experiences through blockchain technology. This approach aligns with Coinbase’s ongoing efforts to engage sports fans, as they already have partnerships with the NBA, WNBA, NBA G League, and NBA 2K League. By partnering with one of the NBA’s most prominent teams, Coinbase seems to be doubling down on its commitment to expanding crypto’s reach into mainstream sports.
Coinbase is not alone in this effort. Other crypto firms, like Crypto.com, have also secured major deals, with Crypto.com recently becoming a partner for the UEFA Champions League. Blockchain companies, such as BlockDAG, have announced sponsorships with major sports teams, including German soccer club Borussia Dortmund, further signaling a resurgence of crypto branding in sports.
The collapse of FTX left a cautionary tale, with the company facing scrutiny for misappropriating funds, which led to attempts to reverse prior sponsorship payments. For Coinbase, however, the opportunity to establish a trusted brand presence in sports sponsorships has likely opened up due to the cautious return of crypto sponsorships, with the Warriors serving as a high-profile partner in the effort.
