Coinbase partners with esports and gaming organization: Team Liquid
Coinbase, the biggest cryptocurrency exchange in the United States and second overall, has partnered with Team Liquid, an esports and gaming firm that has made a name for itself from operating across major titles, including League of Legends and Fortnite.
Coinbase looking to enter the gaming industry
The gaming industry is the biggest entertainment industry, valued at 150 billion US dollars. According to a Nov 10 announcement from Team Liquid and Coinbase, the two firms have inked a four-year deal that is focused on bridging the gap between egaming and crypto-curious audiences, generating crypto friendly, easy-to-consume content.Furthermore, Team Liquid's online marketplace will now accept cryptocurrency as payments, thanks to Coinbase, collaborating on technologies and projects to encourage engagement.
"Like a lot of our fans, crypto was new to me once, but I quickly realized that it isn't some passing fad—it's here now and will be in the future. Together with Coinbase, we hope we can demystify crypto for Team Liquid fans," said Steve Arhancet, Co-CEO of Team Liquid.Furthermore, Coinbase will have its own announcements and information displayed on the jerseys of Team Liquid. As Coinbase also plans to enter the NFT industry with its own NFT marketplace, chances of the exchange getting involved with the development of nonfungible tokens used across platforms are high.
The partnership is not unique
Earlier this year, FTX, a cryptocurrency exchange, made a deal with TSM, an esports company worth $410 million (as per Forbes), and got the naming rights to the organization. The deal was made for a period of 10 years with $21 million per year during which, the esports company will change its name to TSM FTX on behalf of its new sponsorship.Also, all the players of TSM and employees of the firm received cryptocurrencies from FTX as a part of the deal. Following FTX's footsteps, Coinbase also enters the gaming industry.
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