Durant, a National Basketball Association star, is now the face of Coinbase and is set to promote it across all his business ventures. The monetary value of the deal was not disclosed.
As part of the multi-year deal, Coinbase will provide digital ad content to Durant’s sports media network, Boardroom, and will also make donations to the Kevin Durant Charity Foundation (KDCF), which uses educational, sport and social programs to help at-risk youth.
The Coinbase collaboration with Durant intends to attract more users to the exchange. After the crypto exchange went public in April, Coinbase’s valuation surged and is currently valued at more than $86 million.
The deal includes promoting content and education surrounding cryptocurrency, along with NFT news and creation. Through the deal, Coinbase hopes to highlight its growth so far and its creator-centric approach to the NFT marketplace.
Kate Rouch, Coinbase chief marketing officer, welcomed Durant to their family through a statement on Boardroom.
“Kevin is a perfect partner for Coinbase because he is genuinely experienced and excited about crypto…He is a builder and embodies an entrepreneurial spirit that we look for in our partners. His authenticity will be critically important to helping us reach millions of fans around the world,” Rouch said in the statement.
Durant expressed enthusiasm while announcing his partnership with Coinbase.
“Even when I was younger, I was always curious about the business side of things and always trying to learn from the people I’ve gotten to meet along the way. Basketball was always number one for me, but it was clear that there was a lot more that I could accomplish if I had the right team around me,” Durant said.
The deal is not the first for Durant with the crypto platform. The NBA star invested in Coinbase in 2017 through his Thirty Five Ventures investment fund with his business partner Rich Kleiman, although this new deal makes him a public ambassador.
Thirty Five Ventures participated in Coinbase’s $100 million Series D funding round in 2017.
Listen to GHOGH with Jamarlin Martin | Episode 74: Jamarlin Martin Jamarlin returns for a new season of the GHOGH podcast to discuss Bitcoin, bubbles, and Biden. He talks about the risk factors for Bitcoin as an investment asset including origin risk, speculative market structure, regulatory, and environment. Are broader financial markets in a massive speculative bubble?
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