The National Basketball Association (NBA) of the United States has agreed to a multi-year partnership with Coinbase, an American cryptocurrency exchange. The agreement comes as the NBA prepares to celebrate its 75th season. The WNBA Commissioner's Cup, NBA G League Ignite, and USA Basketball men's and women's national team exhibition tours will all be part of the exchange.
The revelation sparked a lot of enthusiasm among cryptocurrency fans when it was announced on Twitter. The NBA has received a lot of praise for its pro-crypto stance.
However, no information has been released about whether NBA fans will be able to purchase match tickets and merchandise using cryptocurrencies.
This isn't the first time that NBA players and teams have lent their support to the nascent cryptocurrency industry.
Since 2019, the Dallas Mavericks, owned by billionaire businessman Mark Cuban, have accepted payments in digital assets using BitPay. I
The Sacramento Kings have also dabbled in Ethereum mining in the past.
The California Kings made history earlier this year when they began paying players with Bitcoins, the world's most valuable cryptocurrency.
In numerous parts of the world, including Asia, Africa, and the United States, the crypto-space has been rapidly expanding.
According to cryptocurrency tracker CoinMarketCap, the market capitalization of all cryptocurrencies combined reached $2.5 trillion (approximately Rs. 1,87,42,625 crore) earlier this week.
In the following five years, by 2026, the Indian trade association NASSCOM predicts a multi-fold increase in the cryptocurrency sector.
