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Coinbase share price rises after sponsorship deal with NBA and alliance with Facebook

Shares of cryptocurrency exchange Coinbase on the Nasdaq exchange have risen nearly 4% this Tuesday amid a series of prominent announcements.

Coinbase share price rises after sponsorship deal with NBA and alliance with Facebook

Coinbase share price rises after sponsorship deal with NBA and alliance with Facebook

Among them, the National Basketball Association or NBA, has just become an exclusive partner of the cryptocurrency platform Coinbase.

The announcement coincided with other notable news from the exchange and the rally in the share price. Although the increase is modest, it is significant for investors as it is the first time that ‘COIN’ shares have surpassed the $300 barrier since their official launch in April this year.

According to a press release, cryptocurrencies exchange company signed a series of endorsement deals with the NBA and the Women’s National Basketball Association (WNBA), as well as for leagues affiliated with the NBA and USA Basketball.

The multi-year agreement will include the Coinbase logo and branding appearing during televised games of the aforementioned leagues.

In addition, it is the NBA’s first partnership with a cryptocurrency exchange company. The agreement, which will begin tonight with the NBA using the Coinbase brand during the televised start of the season, will also involve the creation of content, as well as campaigns that will aim to educate fans about developments in the world of cryptocurrencies.

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Coinbase now joins the list of ecosystem platforms like FTX that have also signed similar deals with sports teams. Regarding the initiative, Kate Rouch, marketing director of Coinbase, highlighted in the statement:

“As a trusted cryptocurrency platform used by millions, Coinbase naturally fits in as the NBA’s first partner […] The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission. No one believes this more than NBA and WNBA fans. We are proud to become the official cryptocurrency partner of the leagues.”

This announcement also coincided with the announcement of a new partnership with Facebook. As we reported earlier, the social media giant reported on Tuesday the start of a pilot program for its digital wallet Novi that will include Coinbase and cryptocurrency brokerage platform Paxos.

According to a statement, Coinbase will help Facebook with the logistics of the trials, providing the social platform with its cryptocurrency custodian services through Coinbase Custody. The exchange said it will store the cryptocurrencies that Facebook offers to users who sign up for the Novi trial.

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