The WNBA fans criticized Coinbase’s sponsorship deals amid the recent market crash that has been going on for two weeks now so let’s have a closer look in today’s latest Coinbase news.
The US crypto exchange enhanced its ties to the Women’s National Basketball Association and most fans were not really excited about the news. The US crypto brokerage inked many sponsorships that are from the sports industry and became an official crypto platform of the NBA and WNBA last October. Now it added even more sponsorships with the WNBA player union, the New York Liberty, Seattle Storm, and Sue Bird as well as Jewell Loyd.
Thought the idea was we paid the WNBA more and not less https://t.co/ZIoXd3Qkwo
— Gal Pal Sports (@GalPalSports) May 19, 2022
As a part of the deal, each WNBA player will get a Coinbase wallet and both of the entities held a Crypto 101 Twitter Space where the New York Liberty guard Betnijah Laney joined two employees from the training team to discuss crypto from the beginner’s point of view. Coinbase’s announcement was not well recieved from the public with most of the comments on social media being negative that ranging from angry and most calling crypto a scam or a Ponzi scheme, but there were also some that expressed concerns about Coinbase’s business in light of the 70% stock price dip this year. One of the most popular negative tweets slammed the WNBA for framing their sponsored crypto chat as “female empowerment.”
Saying the WNBA fans were not happy is surely an understatement. The crypto sponsorships or ads were mocked before like the one with Crypto.com and Matt Damon TV ad. However, most of the comments regarded the recent market crash:
“Crypto is crashing and sports leagues [are] still getting attached to them, hope they get all the money upfront. Didn’t they just lose all their money?”
Others reasoned with the exchange that the deal at this time is not really wise for WNBA which hasn’t always been in a strong economic position itself. Reports showed that the association was bleeding money back since 1997 by losing $10 million per year. The WNBA is not the only sports organization that got negative responses for crypto partnerships amid the market crash. The Washington Nationals baseball team also launched a Terra-sponsored crypto post last week amid the Terra collapse. The sports deals are not likely to stop as we are facing another crypto winter.
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