NBA basketball star Kevin Durant has signed a multiyear deal with Coinbase Global (COIN) to promote the cryptocurrency platform.
As part of the arrangement, Durant will appear in advertising as a face of the brand. Coinbase will also link up with his sports site, Boardroom, for digital ads and sponsored content about cryptocurrencies, and put money into Durant’s foundation to support his youth programs.
Full financial terms of the agreement were not disclosed.
Cryptocurrency companies have spent hundreds of millions this year on sponsorship deals with sports leagues, teams, athletes, and celebrities in an effort to lure new users as digital currencies become more popular.
FTX, another cryptocurrency exchange, has signed on top teams such as the NBA’s Golden State Warriors and will have a commercial in the NFL’s Super Bowl. Crypto.com is taking over the naming rights of Los Angeles’s NBA arena and has deals with Formula 1 and the Ultimate Fighting Championship.
Additionally, actor Matt Damon has taken an equity stake in Crypto.com, while NFL quarterback Tom Brady has one in FTX. Each is promoting the platforms to the public.
Coinbase has also been active. In October, it came aboard as the NBA’s first cryptocurrency partner in a multiyear sponsorship agreement across professional basketball. It also sponsors e-sports teams, including Team Liquid and Evil Geniuses.
Durant, a former Most Valuable Player who has won two NBA championships with the Golden State Warriors, also has promotional deals and investments in place with companies such as Postmates, Therabody and OpenSea.
Coinbase shares are up 2.3% since its initial public offering (IPO) this past April.