Cryptocurrencies continue to show strength, expanding their influence and presence across many industries. Just this week, the NBA agreed to its first cryptocurrency sponsorship deal with Coinbase, the publicly traded company that makes an exchange for crypto trading. According to a report by CNBC, the agreement indicates that Coinbase will leverage just about all the NBA’s platforms including the WNBA, NBA G League, NBA 2K League and USA Basketball. The deal between the NBA and Coinbase comes shortly after the league commissioner Adam Silver explained that the league is projecting USD 10 Billion in revenue for the 2021-22 season, a figure that is possible thanks to fans returning to NBA arenas, which account for 40% of league revenue. In the meantime, sponsorships accounted for about USD 1.4 Billion last season, according to valuation firm IEG. ISW Holdings Inc. (OTC: ISWH), itfarms Ltd. (NASDAQ: BITF), BIT Mining Limited (NYSE: BTCM), Canaan Inc. (NASDAQ: CAN), Hut 8 Mining Corp. (NASDAQ: HUT)
Overall, the cryptocurrency market has gotten even more complex as the blockchain technology has been integrated into our world. For example, one of the largest crypto exchanges, Coinbase, announced this week that it is delving deeper into traditional financial services, allowing users to deposit paychecks directly into their online accounts.
"With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase,"
Max Branzburg, Vice President of Product at Coinbase, said in a blog post.
"We're determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users."
Information provided by FinancialNewsMedia.