Golden State Warriors has quietly announced its partnership with Coinbase, the controversial cryptocurrency exchange platform that is in the middle of a war with the SEC.
The news release of the collaboration came out on Tuesday Morning on the Dubs' website, although the Golden State Warriors has yet to mention anything about the collaboration on their social media accounts.
But Coinbase wasn't as inconsipicuous about the partnership, posting a short promotional video on X with the Caption,"Hey Dub Nation. It's official."
Golden State Warriors dive into blockchain technology with Coinbase
Mike Kitts, the Warriors’ Commercial Director, remarked, “Expanding fandom through blockchain technology remains a key opportunity for us. We’re excited to join forces with Coinbase to deliver unique fan experiences, whether they’re watching live at the Chase Center or from home.”
Following this partnership, fans can expect exclusive benefits, particularly during home games against the Memphis Grizzlies on January 4 and the Milwaukee Bucks on March 20. Supporters present at the Chase centre will also stand a chance to win exclusive physical and digital gifts.
Additionally, Coinbase account holders will have the chance to access VIP experiences and limited-edition products throughout the season, further enriching the fan experience.
This collaboration fits within the Warriors’ broader strategy of embracing blockchain technology, having previously pioneered the use of NFTs in professional sports.
Coinbase raging war with SEC
Quite understandably, both parties left out Coinbase's ongoing battle with the Securities and Exchange Commission. In June of last year, the SEC charged Coinbase with illegally operating as an exchange, broker and clearing agency and engaging in unregistered securities offering, both of which are violations of the securities Exchange Act.
The feds accused Coinbase of unlawfully avoiding required disclosure to crypto investors as they traded assets within the company's platform, which earned Coinbase billions in transaction fees.
The SEC wrote in its plaintiff,
"Coinbase has for years defied the regulatory structures and evaded the disclosure requirements that Congress and the SEC have constructed for the protection of the national securities market and investors,"
At the same time, Coinbase is suing the SEC and hoping to seek regulatory clarity on what defines a security—a dispute that dates back to 2022. The crypto exchange has criticized current regulations as "unworkable," a stance that courts disagreed with in late 2023.
As recently as September, Coinbase argued that proper registration with the SEC is impossible under the existing framework. While a judge from the 3rd Circuit Court of Appeals described Coinbase's request for industry-wide rules as “an extraordinary remedy,” the court also questioned the SEC’s refusal to create such rules, with one judge calling the reasoning behind the denial "pretty darn close to vacuous," as reported by Axios.
Starting a new Era of fan engagement
Coinbase’s partnership with the Warriors follows its broader involvement in the basketball world, being the official partner of the NBA, WNBA, NBA G League, and NBA 2K League since 2021.
Kate Rouch, Coinbase’s Chief Marketing Officer, emphasized the inclusive nature of this collaboration, stating, “Coinbase is offering fans a gateway to crypto. Through our partnership with the Golden State Warriors, fans are able to access and try out exciting ways to experience cryptocurrency.”
The partnership is part of a larger trend of crypto adoption within American sports franchises. In 2021, the Warriors made headlines by becoming the first major U.S. sports team to launch their own NFT collection, showcasing their commitment to innovation.
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