Coinbase is launching new initiatives as its stock continues the hot streak! The crypto exchange partners with Facebook supporting the crypto wallet Novi. Also, it lands a crypto sponsorship with the NBA as the partner of the NBA, WNBA, and NBA 2K League!
Crypto exchange giant Coinbase is partnering with social network Facebook. Coinbase will provide Novi with the Coinbase Custody service to store the crypto assets of Novi’s users. Novi is Facebook’s new digital wallet.
Novi has launched pilots in the United States and Guatemala offering free cross-border remittances. It is currently available in the Apple App Store and Google Play Store.
Novi users can acquire Pax Dollar (USDP) stablecoin through their Novi account. They will be able to transfer USDP between each other through Novi. In the future, Novi will allow users to use the Facebook-supported crypto Diem, which is still subject to US regulatory approval.
In addition, Coinbase also announced a sponsorship agreement with the NBA. Coinbase becomes the partner of the NBA, WNBA, NBA G League, NBA 2K League, and USA Basketball.
Coinbase Wins NBA League Sponsorship Rights
Without disclosing the terms, Coinbase is set to leverage NBA’s worldwide exposure. This includes branding promotion during NBA’s regular season games starting this Thursday.
The sponsorship agreement between Coinbase and the NBA paves the way for future collaboration in NFTs. Lately, Coinbase announces its plan to launch a new NFT marketplace within this year. The new trading platform, Coinbase NFT, has received 2 million sign-ups.
Previously, NBA has worked with Dapper Labs’ NFT platform NBA Top Shot. Selling digital collectibles of NBA games, NBA Top Shot ranks as the third-largest NFT project by daily trading volume.
This year, FTX reached a sponsorship agreement with Major League Baseball (MLB). Additionally, the crypto derivatives exchange won the sponsorship deal of the NBA franchise Miami Heat. This includes the naming right for the Miami Heat stadium (FTX Arena).
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