San Francisco-based cryptocurrency exchange, Coinbase, has signed a multi-year deal with American professional basketball player Kevin Durant, who will promote the popular crypto trading platform across his businesses.
Bloomberg reported today that the deal, which was reached at an undisclosed amount, will see Durant appear as the face of Coinbase in various ad campaigns.
Part of the agreement will include Coinbase using Durant’s sports media outlet Boardroom to run its ads and also publishing sponsored crypto-related content, the announcement adds.
According to the report, Coinbase’s first ad with the basketball superstar will be released tomorrow.
Commenting on the partnership, Durant said although playing basketball has always been his favorite, he believes he can accomplish a lot more in other areas with the right team around him.
“Even when I was younger, I was always curious about the business side of things and always trying to learn from the people I’ve got to meet along the way,” Durant said in an email to Bloomberg.
Coinbase is considering extending its global marketing outreach beyond sports into other sectors. Kate Rouch, Coinbase’s Chief Marketing Officer, said the company will be partnering with celebrities from other niches that want to venture into crypto.
Durant’s Investment in Coinbase
It is worth noting that the latest development is not the first time Coinbase and Durant will be collaborating on a business deal.
In 2017, Durant’s company Thirty Five Ventures was among the firms that participated in Coinbase’s $100 million funding round that saw the company’s valuation reach $1.6 billion at the time.
Interestingly, as Coinbase went public this year, its valuation surged 53 times what it was four years ago, indicating that Durant’s profit also surged significantly.
Crypto Startups Partnership with Sports
This year has seen several sponsorship deals between cryptocurrency startups and sports leagues, teams, and athletes.
Cryptocurrency firms have spent millions of dollars on these sponsorship deals as they hope to lure more people into adopting digital currencies.
FTX crypto trading platform recently signed a $10 million sponsorship rights deal with American professional basketball team Golden State Warriors that will see the exchange name displayed in its virtual inventory.