A leader in the NBA forming an alliance with a leader in the Cryptocurrency world is strategic and marketing geniusness. With over 19 million followers, Kevin Durant has bagged the deal to be the new face of Coinbase. With this deal comes the responsibility of promoting the company on all his major business platforms.
In return, the company will provide digital ad content to Kevin Durant’s website boardroom and will also deliver support to all his major youth programs.
Coinbase is scouring the world of sports for characteristics that will help the company raise its profile. Coinbase had already struck a commercial sponsorship contract with several NBA teams.
Coinbase’s partnership with Durant aims to bring in more users to the exchange. Coinbase’s worth has skyrocketed since it went public in April, with the crypto exchange now valued at over $86 million.
Durant’s venture into Cryptocurrency is one of many notable sports collaborations in the nascent cryptocurrency market. Kevin Durant’s manager, Rich Kleiman, said, “Kevin does very, very few brand partnerships and that was by purpose.”
Coinbase’s “new model of brand partner” will be connected with Durant’s major business platforms as part of the arrangement, he added, in order to attract customers to join Coinbase as investors. The partnership’s details have yet to be released, but it’s worth noting that Durant’s business, 35 Ventures, previously invested in Coinbase’s $100 million investment round.
Helping crypto attract new audiences via sponsorship deals.
To acquire mainstream exposure and attract new users, cryptocurrency companies have spent millions of dollars striking relationships with major sports brands.
Crypto.com had previously announced ties with the Los Angeles NBA arena, as well as Formula 1 and the Ultimate Fighting Championship. The Golden State Warriors, another top American basketball club, have also signed on with another crypto exchange, FTX.
Coinbase has also been exploring sports alliances in order to bolster its status as a major cryptocurrency exchange. It recently announced sponsorship partnerships with Evil Geniuses and Team Liquid, two esports teams.