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Crypto

Golden State Warriors sign crypto deal with Coinbase amid FTX lawsuit

By admin
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Golden State Warriors sign crypto deal with Coinbase amid FTX lawsuit

The Golden State Warriors have announced a partnership with troubled cryptocurrency exchange Coinbase, despite currently being sued by the investors of its previous crypto sponsor, FTX.

Coinbase is now the “official cryptocurrency platform and blockchain partner of the Warriors” and its home, Chase Center. The partnership aims to “introduce new and exciting ways for fans to engage with their favorite team.”

Essentially, Coinbase and the Golden State Warriors will peddle blockchain-related merch. In a bid to attract new users, Warrior fans who create a Coinbase account will also get “season-long benefits.”

Coinbase is already the exclusive crypto partner of the NBA and the WNBA, as well as the NBA G League and the NBA 2K League.

Golden State Warriors and Coinbase face legal woes

However, the crypto exchange is currently in a heated legal battle with the Securities and Exchange Commission (SEC). Coinbase is accused of illegally operating in the US and offering unregistered securities.

What’s more, the Golden State Warriors and its star player Stephen Curry are in the midst of a lawsuit themselves. Both promoted the now-defunct crypto exchange FTX, which spectacularly crashed in 2022.

A host of investors have sued the duo for their involvement, along with superstars Tom Brady and Larry David, which has allegedly contributed to the loss of millions of customer funds.

Earlier this year, FTX’s former CEO, Sam Bankman-Fried, was sentenced to 25 years in prison on seven counts of fraud and conspiracy.

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