Professional basketball player Kevin Durant has partnered with crypto exchange Coinbase Global Inc (NASDAQ:COIN) in a multi-year deal in which Durant will become an advertising face for the exchange.
What Happened: Durant’s company Thirty Five Ventures and Coinbase signed a deal where Durant will promote the crypto exchange across his businesses, according to a report from Bloomberg.
The first advertisement featuring Durant is set to go live on Thursday.
Coinbase will also post digital ads and sponsored crypto content on Durant’s sports website Boardroom, as well as contribute toward Durant’s foundation for youth programs.
“Kevin does very, very few brand deals and that was by design,” said Rich Kleiman, Durant’s manager, explaining that Coinbase is part of a “new model of brand partner” which will be integrated into all the different parts of Durant's business.
What Else: According to some reports, Durant’s company Thirty Five Ventures had first invested in Coinbase in 2017 when the company was valued at $1.6 billion.
After the crypto exchange went public, Coinbase was valued at over $86 billion, meaning Durant’s initial investment saw its value increase 54 times over a four-year period.
As of Wednesday morning, Coinbase shares were down 3.10% trading at a price of $247.92 per share.
Related Link: Coinbase Stock Prints A Relief Bounce As Bitcoin Consolidates: What's Next?
Photo: Courtesy of Bruno Aguirre on Unsplash
