Coins.ph has announced that it is partnering with the Philippine Basketball Association. The deal is the PBA’s first crypto partnership during its 47th season and the Coins.ph brand will be showcased at the premier tournament during the Philippine Cup.
Philippine Basketball Association partners with Crypto Firm Coins.ph
In the course of the past year, several well-known digital currencies companies such as FTX (Crypto.com), Grayscale Investments (Crypto.com) and Blockchain.com were integrated into the world of sports through partnerships and other endeavors. Coins.ph, the fiat and crypto-regulated service provider Coins.ph revealed that it had partnered up with the Philippine Basketball Association.
PBA is the 2nd-oldest professional league for basketball, after the National Basketball Association. The league is composed of 12 franchised teams and the PBA season’s most prestigious tournament is the Philippine Cup. Barangay Ginebra San Miguel and Meralco Bolts are the PBA’s 12 franchised teams.
Fans will have the opportunity to experience full-arena at 100 percent capacity for the 2022 Philippine Cup, which is the first such event since 2019. Coins.ph detailed in its announcement that the company’s “brand presence [will be] featured throughout the Philippine Cup.” Coins.ph plans to engage with fans by offering “interactive experiences” and promoting cryptocurrency awareness. PBA supporters will have the opportunity to win cryptocurrency and Coins.ph’s name will appear in TV ads throughout 2022 PBA Season.
“Basketball plays a very important part in the Filipino culture and that makes it a perfect match for Coins.ph, a proudly home-grown fintech brand in the Philippines,” Wei Zhou, the CEO of Coins.ph explained in a statement sent to Bitcoin.com News. Zhou added that in recent times, the firm has seen interest in Web3 and digital currencies grow and the PBA’s prominence can help bolster crypto awareness. Zhou also added:
Web3 has seen an increase in participation in the Philippines. We believe more Filipinos will join the cryptocurrency community. PBA offers a unique platform that educates Filipinos about the crypto-economy. We also value this chance to grow crypto market adoption.
PBA Commissioner Says Coins.ph Gives ‘Fans the Opportunity to Engage in a New Way’
Coins.ph, which was established in 2014 has received roughly $40m in capital funding. The most recent Series C featured a $30m investment round by Ribbit Capital. Coins.ph’s executives launched a NFT platform (non-fungible token) with seed funding of $2 million.
Coins.ph used to be owned by Gojek, an Indonesian technology company that purchased Coins.ph for $95 million. According to an article published by Ka Kay Lum, the deputy editor and business journalist at the-ken.com’s SEA edition, several regional investors associated with Gojek and Coins.ph confirmed that the former CFO of Binance, Wei Zhou, purchased the company. Ka Kay Lum details that Coins.ph was sold “for double the amount” Gojek paid for the startup in 2019.
To gain greater exposure, crypto companies leverage celebrity athletes as well as the industry. For instance, FTX obtained the name of the Miami Heat’s arena and Crypto.com acquired the name of the Los Angeles Lakers arena. LeBron James and Tom Brady are among the crypto-firm partners. In terms of the deal between the PBA and Coins.ph, Willie O. Marcial, the PBA’s league commissioner, believes the partnership with Coins.ph will enhance the PBA’s growth.
“The PBA is the 1st professional basketball league in Asia and is already an institution in the country,” Marcial remarked during the partnership announcement. “It is still unparalleled when it comes to professional sports entertainment. The PBA’s partnership with Coins.ph is sure to take it one step further, as the league continues to grow and improve its status as the top league in the country. Furthermore, the PBA believes in growth and improvement. Having Coins.ph will give fans the opportunity to engage in a new way and at the same time learn about the crypto community.”
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