NBA Inks Multi-Year Agreement With US Cryptocurrency Exchange Coinbase
The National Basketball Association (NBA) of the United States has entered into a multi-year agreement with American cryptocurrency exchange Coinbase. The agreement comes as the NBA prepares to host its 75th season, which will begin in October. This will also be the first time that the exchange will be represented at the WNBA Commissioner’s Cup, the NBA G League Ignite, and the USA Basketball men’s and women’s national team exhibition tours.
Immediately after the announcement was made on Twitter, cryptocurrency fans reacted with a great deal of enthusiasm. The NBA received a rousing round of applause for their pro-cryptostance. As of yet, though, there has been no word on whether or not NBA fans will be able to purchase match tickets and goods using cryptocurrency in the future.
This is not the first time that professional basketball players and teams in the United States have shown their support for the emerging cryptocurrency industry. Since 2019, the Dallas Mavericks, owned by billionaire businessman Mark Cuban, have accepted payments in digital assets via the BitPay platform. The Sacramento Kings have also dabbled in the cryptocurrency mining business in the past.
Earlier this year, the California-based Kings made history by paying players’ wages in Bitcoins, which is the world’s most valuable cryptocurrency at the time of writing. In many areas of the globe, including Asia, Africa, and the United States, the crypto-space is seeing fast growth.
According to cryptocurrency tracker CoinMarketCap, the total market capitalization of all cryptocurrencies combined reached a significant milestone of $2.5 trillion earlier this week. The Indian trade organization NASSCOM has also projected that the cryptocurrency industry would record expand exponentially in the upcoming five years (2026).
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