Adidas and the partnership with Coinbase
Yesterday, German sportswear giant Adidas shocked its followers with its tweet announcing its partnership with Coinbase.
We’ve partnered with @coinbase.
— adidas Originals (@adidasoriginals) November 24, 2021
“We’ve partnered with Coinbase. Probably nothing”.
A “probably nothing” that at the moment could be hiding what everyone expects and that is the entry of the largest sportswear manufacturer in Europe and second in the world into the crypto world.
At the time of writing, the tweet has garnered over 50,000 likes and over 10,000 retweets.
Moreover, Coinbase also commented on Adidas’ tweet, although it did not utter any words but merely shared an emoji:
— Coinbase (@coinbase) November 24, 2021
Adidas and the consequences of this announcement
Although Adidas’ tweet is causing a stir on the social network, the market’s reaction to Coinbase (COIN) has not yet unfolded.
In fact, over the past 24 hours COIN has risen just 0.77% to $314.79, compared to yesterday’s close of $312.38. That’s still a few dollars short of COIN’s ATH – All Time High of $357 on November 9.
On that same day, Coinbase had unveiled its Q3 results which talk about revenues, volumes, users and more, referring to the months of July, August and September.
Not only that, last August, Coinbase CEO Brian Armstrong announced his intention to invest $500 million in crypto assets such as Ethereum, Bitcoin and DeFi protocols supported by the platform.
Coinbase and its latest achievements
Coinbase, the American crypto payments giant, in addition to this latest semi-declared partnership with Adidas, has reportedly decided to enter the world of sports as an NBA sponsor last month.
Along with the news of Binance sponsoring Italian football team Lazio, Coinbase is said to have announced a partnership not only with the National Basketball Association (NBA) but also with its women’s version, the Women’s National Basketball Association (WNBA).
The contract includes exclusive sponsorship in the crypto sphere, as well as being a partner of the NBA G League, the NBA 2k League and USA Basketball.