Crypto.com Signs Its First NBA Deal
- The deal will see Crypto.com become the official jersey patch partner of the Philadelphia 76ers, and its logo will be present on the team’s jerseys.
- As part of the deal, the NBA team will release its first-ever NFTs on the Crypto.com NFT marketplace.
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Popular crypto exchange Crypto.com has once again struck a deal, this time the with the NBA’s Philadelphia 76ers, giving it more exposure to the sport’s world, the exchange said in a press release on 22 September.
According to the announcement, Crypto.com has become the official jersey patch partner of the Philadelphia 76ers, and its logo will now appear on all four versions of the team’s jersey during the upcoming NBA season. As part of the deal, the basketball team will launch its first-ever non-fungible tokens (NFTs) on the Crypto.com NFT marketplace for fans to purchase. The president of business operations for the 76ers, Chris Heck, said in a statement:
“We are thrilled to launch a long-term partnership with such a progressive team at Crypto.com, a company that shares our drive for greatness. Crypto.com will be woven into the fabric of our identity, and together, we will change the landscape for how crypto is integrated in sports. We will also leverage Crypto.com’s forward-thinking, global expertise to unveil our first-ever NFT program.”
While not much detail was revealed around the deal the partnership will be for six years, and Crypto.com has received some additional promotional rights, such as a spot on the courtside LED screens. Crypto.com will also have rights to the 76ers’ name and marks in marketing and advertising.
While not the first sports team partnership, this deal is the first Crypto.com has made with an NBA team. The exchange had previously become a sponsor for Aston Martin’s Formula One team, and had signed a multi-year partnership with the Italian Lega Serie A. Crypto.com has also betted on the rising popularity of e-sports, and has recently signed a partnership with London-based e-sports performance brand Fnatic.
- Crypto.com has once again expanded its regulatory achievements with the acquisition of a major payment institution license for digital payment token services in Singapore.
- The license, for which the company received an in-principle approval last June, enables the exchange to provide a greater range of payment services in Singapore.
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- Users of Binance NFT can now use select blue-chip NFT collections as collateral to take out cryptocurrency loans.
- The platform will initially support only loans in ETH, and NFT collections Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles.
- The Binance NFT marketplace said it will soon expand its multichain ecosystem, and add support for Bitcoin Ordinals, which are also known as Bitcoin NFTs.
- The platform said it will allow users to purchase and trade Ordinals directly from their Binance accounts, bypassing the need to create a separate inscription wallet.