The sports world provides ample opportunities to grow, and various crypto firms are joining in on the sports world. Similarly, Coins.ph, a Philippines crypto wallet service provider, has revealed its strategic partnership with the Philippine Basketball Association (PBA). The deal happened during the 47th season of the PBA and Coins.ph brand will be showcased during the Philippine Cup at a premier tournament.
Last year was an incredible milestone for numerous crypto companies as far as their partnerships from within the sports world are concerned. FTX, Grayscale Investments, Blockchain.com, and Crypto.com were among the many digital currency companies that had endeavours and partnerships with entities within the sports world. Consequently, On June 3, Coins.ph announced that it had partnered with the PBA.
The Philippine Basketball Association formally started in 1975 and boasts the second oldest basketball league title after the National Basketball Association (NBA). The prestigious tournament of the league is the Philippine Cup; the league has 12 franchised teams.
Coins.ph was founded in 2014. Since then, it has raised more than $40 million in capital funding. Through Series C, the firm recently witnessed a $30 million investment led by Ribbit Capital. Moreover, in addition to the partnership with the PBA, executives from Coins.ph and Xendit launched an NFT platform with the seeding fund rounding off to $2 million.
The upcoming tournament will be the first after the pandemic where the fans can experience a full-arena experience. Coins.ph revealed that the brand presence would be featured throughout the prestigious tournament. The brand presence would be engaging and innovative as the fans would be able to have interactive experiences that will raise awareness and promote the cryptocurrency. The fans will be able to win the cryptocurrencies as well.
The CEO of Coins.ph stated that Basketball had a vital role to play in the Filipino culture. He added that the company recently saw a grown interest in Web3 and digital currencies, and the interest would grow even more.
The partnership between Coins.ph and the PBA will be of significant importance to the crypto industry. Through the partnership, PBA will continue to strengthen as the best league in the region. Simultaneously, Coin.ph will also grow in popularity, and the crypto industry will benefit from it. Despite the crypto crash gloom, partnerships like these are evidence that the crypto market will grow manifold in the future.