• Kevin Durant of the NBA has entered into a promotional agreement with Coinbase

  • This is not Durant’s first or only foray into cryptocurrency. In fact, the NBA star made an investment in Coinbase through his company in 2017.

    Kevin Durant, through his Thirty Five Ventures (35V) company, has entered into a promotional agreement with top cryptocurrency exchange Coinbase. According to the terms of the agreement, Durant, who also plays for the Brooklyn Nets, will be “a face of the [Coinbase] brand.” In exchange, the crypto exchange will be able to place cryptocurrency advertisements and sponsored content on the forward’s sports website Boardroom. Coinbase will also donate to the Kevin Durant Charity Foundation (KDCF), a charity that helps at-risk youth through educational, sporting, and social programs. The deal’s total monetary value has not been disclosed.

    Kevin Durant and Coinbase

    35V and Coinbase will collaborate on a variety of projects, including NFT drops, storytelling, and education about NFTs and the benefits of cryptocurrency. Coinbase hopes that the transaction will highlight its recent growth and its creator-centric approach to the NFT marketplace.

    Kate Rouch, Chief Marketing Officer at Coinbase, comments:

    “Kevin is an ideal Coinbase partner because he is both knowledgeable and enthusiastic about cryptocurrency.” He is a builder with the entrepreneurial spirit that we seek in our partners. His authenticity will be critical in assisting us in reaching millions of fans around the world.”

    The transaction is not Durant’s first or only foray into cryptocurrency. In fact, the NBA star made an investment in Coinbase through his company in 2017. That year, 335V took part in Coinbase’s $100 million Series D funding round.

    “It’s always an amazing feeling to be an early investor in a company you’re excited about,” Durant said. “It’s rare to be able to return a few years later and build an even more in-depth partnership, and we’re fortunate to be building further with Coinbase.”

    Crypto in Sports and Other Fields

    In recent months, major players in the cryptocurrency industry have spent millions of dollars on deals with athletes, sports teams, and entire leagues in an effort to drive mainstream adoption of digital assets. FTX, a cryptocurrency exchange, has partnerships with both the NBA and the NFL. Tom Brady, the quarterback of the New England Patriots, has a stake in the deal. Crypto.com has purchased the naming rights to the NBA’s “Staples Center” arena in Los Angeles. They also have partnerships with Formula One and the UFC. Some athletes, such as NFL quarterback Aaron Rodgers, have chosen to receive a portion of their pay in Bitcoin. Coinbase has worked with celebrities and well-known brands prior to its partnership with Kevin Durant. The cryptocurrency exchange supports e-sports teams such as Team Liquid and Evil Geniuses. They signed a multi-year sponsorship agreement with the NBA in October, becoming the league’s first crypto partner.

    Kate Rouch, Chief Marketing Officer, reveals that she is looking into areas of the economy other than sports for potential collaborations.

    What's your reaction?