Another digital currency firm is making moves into the world of sports as Philippine cryptocurrency wallet service provider Coins.ph announced that the company has partnered with the Philippine Basketball Association (PBA). The deal is the first PBA crypto partnership during the 47th season and the Coins.ph brand will be featured in the main event during the Philippine Cup.
Philippine Basketball Association partners with crypto firm Coins.ph
Over the past year, well-known digital currency companies such as FTX, Crypto.com, Grayscale Investments, and Blockchain.com have integrated their firms into the world of sports through various partnerships and efforts. June 3 regulated provider of fiat and crypto-currency services Coins.ph announced a partnership with the Philippine Basketball Association (PBA).
The PBA was founded in 1975 and is the second oldest professional basketball league in the world after the National Basketball Association (NBA). The league is made up of 12 franchised teams, with the Philippine Cup being the most prestigious tournament of the PBA season. PBA teams include Barangay Ginebra San Miguel, Meralco Bolts, Converge Fiberxers, Magnolia Hotshots, Blackwater Bossing, Phoenix Super LPG Fuel Masters, Terrafirma Dyip, TNT Tropang Giga, Rain or Shine Elasto Painters, San Miguel Beermen, NLEX Road Warriors and Northport Batang. Pier.
The upcoming Philippine Cup 2022 will be the first event since 2019 where fans will be able to experience the arena at 100% capacity. Coins.ph detailed in its statement that “the presence of the company’s brand [will be] featured throughout the Philippine Cup.” Coins.ph plans to engage with fans by offering an “interactive experience” and raising awareness about the cryptocurrency. PBA fans will be able to win cryptocurrencies and Coins.ph will also be featured in TV ads during the 2022 PBA season.
“Basketball plays a very important role in Philippine culture and this makes it the perfect partner for Coins.ph, a homegrown fintech brand in the Philippines,” Wei Zhou, CEO of Coins.ph, explained in a statement sent to Bitcoin.com News. Zhou added that the company has recently seen a rise in interest in Web3 and digital currencies, and PBA’s visibility could help raise awareness about cryptocurrencies. Zhou added:
We are seeing a surge in Web3 engagement in the Philippines and believe that more and more Filipinos are joining the crypto community. The PBA is a great platform to educate Filipinos about cryptoeconomics and we appreciate this opportunity to expand the adoption of the crypto market.
PBA commissioner says Coins.ph gives ‘fans the opportunity to participate in new ways’
Founded in 2014, Coins.ph has raised approximately $40 million in capital funding and the latest Series C saw a $30 million investment round led by Ribbit Capital. In addition to the PBA partnership, Coins.ph and Xendit executives launched a non-fungible token (NFT) platform with $2 million in seed funding.
Coins.ph was once owned by Indonesian tech company Gojek, which bought the startup for $95 million. According to report published Ka Kay Lum, deputy editor and business journalist for the-ken.com SEA, several regional investors associated with Gojek and Coins.ph have confirmed that former Binance CFO Wei Zhou has bought the company. Ka Kei Lum elaborates that Coins.ph was sold “for twice what Goyek paid for the startup in 2019.”
Over the past year, crypto companies have been using famous athletes and the sports industry to gain more attention. For example, FTX is named the Miami Heat arena, and Crypto.com is named the Los Angeles Lakers arena. Famous sports stars such as LeBron James, Tom Brady, Francis Ngannou and Kevin Durant have partnered with crypto firms. Regarding the deal between PBA and Coins.ph, Willy O. Martial, PBA league commissioner, believes the partnership with Coins.ph will accelerate PBA’s growth.
“The PBA is the first professional basketball league in Asia and is already an institution in the country,” Martial noted during the partnership announcement. “It is still unmatched when it comes to professional sports entertainment. And the partnership with Coins.ph will undoubtedly take the PBA one step further as it continues to improve and solidify its position as one of the best leagues in the region. In addition, PBA is focused on growth and improvement. Having Coins.ph will give fans the opportunity to participate in new ways and at the same time learn about the crypto community.”
What do you think about Coins.ph’s partnership with the Philippine Basketball Association (PBA)? Let us know what you think about it in the comments section below.
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