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NBA signs multi-year deal with US cryptocurrency exchange Coinbase

The United States National Basketball Association (NBA) has signed a multi-year agreement with the American crypto exchange Coinbase. The deal comes as the NBA prepares to host its 75th anniversary season. The exchange will also mark her presence at the WNBA Commissioner’s Cup, NBA G League Ignite, and USA Basketball Men’s and Women’s National Team Exhibition Tours.

When the news broke on Twitter, cryptocurrency enthusiasts shared a lot of excitement online. The NBA received a lot of applause for being pro-crypto.

As of yet, however, nothing has been revealed as to whether NBA enthusiasts would be allowed to purchase game tickets and merchandise using cryptocurrencies.

This isn’t the first time that U.S. basketball players and teams have extended their support for the budding crypto space.

Billionaire investor Mark Cuban Dallas Mavericks has been accepting payments using digital assets through BitPay since 2019. I

The Sacramento Kings have also ventured into Ethereum mining before.

Earlier this year, the California-based Kings also made history by offering salaries to players in Bitcoin, which is the world’s most popular cryptocurrency.

The crypto-space has grown rapidly in several parts of the world, including Asia, Africa, and the United States.

Earlier this week, the market capitalization of all cryptocurrencies combined crossed the $ 2.5 trillion mark (roughly Rs. 1 87 42 625 crore) according to cryptocurrency tracker CoinMarketCap.

The Indian trade association NASSCOM has also predicted multiple growth in the cryptocurrency market over the next five years i.e. by 2026.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss resulting from any investment based on a perceived recommendation, forecast or any other information contained in the article.

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