The US National Basketball Association (NBA) has signed a multi-year agreement with American crypto exchange Coinbase. The deal comes as the NBA gears up to host its 75th anniversary season. The exchange will also make appearances at the WNBA Commissioner’s Cup, the NBA G League Ignite, as well as the USA Basketball men’s and women’s national team exhibition tours.
Crypto enthusiasts shared a lot of excitement online when the news was announced on Twitter. The NBA garnered a lot of accolades for being a crypto supporter.
???????? Awake NBA https://t.co/xDdTdO1xce
— jammuthsar (@jmmuth1961) 21 October 2021
— Matthew Leybold (@MatthewLeybold) October 20, 2021
— Gina (@gmnavarra) October 20, 2021
However, so far, nothing has emerged about whether NBA enthusiasts will be allowed to purchase match tickets and merchandise using cryptocurrencies.
This is not the first time that American basketball players and teams have extended support to the emerging crypto sector.
Billionaire investor Mark Cuban’s Dallas Mavericks has been accepting payments using digital assets through BitPay since 2019. I
The Sacramento Kings have also ventured into Ethereum mining before.
Earlier this year, California-based Kings made history by paying players salaries in bitcoin, the world’s most valuable cryptocurrency.
The crypto-space is seeing rapid expansion in many parts of the world, including Asia, Africa and the Americas.
Earlier this week, the market capitalization of all cryptocurrencies crossed a milestone of $2.5 trillion (about Rs 1,87,42,625 crore), according to cryptocurrency tracker CoinMarketCap.
Indian trade association NASSCOM has also predicted a manifold growth for the cryptocurrency market in the next five years i.e. by 2026.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.