The Golden State Warriors have forged a partnership with the struggling cryptocurrency exchange Coinbase, even as they face a lawsuit from investors of their former crypto sponsor, FTX.
Coinbase is now designated as the “official cryptocurrency platform and blockchain partner of the Warriors” and their venue, Chase Center. This collaboration aims to “offer new and exciting ways for fans to connect with their favorite team.” In essence, Coinbase and the Warriors will market blockchain-related merchandise. To encourage new users, Warrior fans who sign up for a Coinbase account will receive “season-long benefits.” Coinbase also serves as the exclusive crypto partner for the NBA, WNBA, NBA G League, and NBA 2K League.
Currently, the crypto exchange is embroiled in a heated legal dispute with the Securities and Exchange Commission (SEC), facing allegations of illegally operating in the U.S. and offering unregistered securities. In addition, the Golden State Warriors and their star player Stephen Curry are also involved in a lawsuit. Both have promoted the now-defunct crypto exchange FTX, which dramatically collapsed in 2022.
A group of investors has filed a lawsuit against the duo, as well as celebrities Tom Brady and Larry David, claiming their involvement has led to the loss of millions in customer funds. Earlier this year, FTX’s former CEO, Sam Bankman-Fried, received a 25-year prison sentence for seven counts of fraud and conspiracy.
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