Coins.ph, a Philippines-based crypto wallet service provider, announced a partnership with the Philippine Basketball Association. This is the first time that the PBA has partnered with a crypto wallet service provider in the Philippines. The Coins.ph brand and logo will be displayed at the Philippine Cup’s premier tournament.
Philippine Basketball Association partners with Crypto Firm Coins.ph
Through various partnerships and ventures, prominent digital currency companies such as FTX and Crypto.com, Grayscale Investments and Blockchain.com have been integrated into the sport world over the past year. Coins.ph, a licensed fiat and crypto service provider, announced that it had partnered with the Philippine Basketball Association.
The PBA was established in 1975. It is second in age to the National Basketball Association. The Philippine Cup is the most prestigious tournament in the PBA season and is made up of 12 franchised teams. Barangay Ginebra San Miguel is one of the PBA teams. Meralco Bolts and Converge Fiberxers are also part of the league.
The 2022 Philippine Cup will mark the first time that fans will have the opportunity to experience the full-arena experience at 100 percent capacity since 2019. Coins.ph announced that its “brand presence [will] be] featured throughout Philippine Cup.” Coins.ph intends to engage fans by offering “interactive experience” and promoting cryptocurrency awareness. PBA fans will have the opportunity to win cryptocurrencies, and Coins.ph’s name will be featured in TV ads during the 2022 PBA Season.
Wei Zhou, Coins.ph’s CEO, stated that basketball is an integral part of Filipino culture. Zhou said that the company has witnessed interest in Web3 in recent years and that the PBA’s presence can help boost crypto awareness. Zhou said:
We’ve seen an increase in engagement with Web3 Philippines, and we believe more Filipinos will join the crypto community. We value the opportunity to increase crypto market adoption. The PBA provides a great platform for Filipinos to learn about crypto-economy.
PBA Commissioner: Coins.ph gives ‘Fans an Opportunity to Engage In a New Way.
Coins.ph was founded in 2014. It has raised approximately $40m in capital funding. The most recent Series C saw a $30m investment round by Ribbit Capital. Along with the partnership with PBA, Coins.ph executives launched a nonfungible token (NFT), platform with $2,000,000 in seed funding.
Coins.ph was owned once by Gojek, an Indonesian tech company that bought the startup for $95million. A report published Ka Kaylum confirms that Wei Zhou, former CFO at Binance, bought the company. Ka Kay Lum explains that Coins.ph was purchased “for twice the amount” Gojek paid in 2019 for the startup.
Crypto companies have used celebrity athletes and the sport industry to gain more attention over the past year. FTX acquired the Miami Heat’s name and Crypto.com took the Los Angeles Lakers name. LeBron and Tom Brady are well-known sports stars. Kevin Durant has also joined crypto firms. Willie O. Marcial is the PBA’s commissioner and believes that the partnership with Coins.ph will help the PBA grow.
Marcial stated that the PBA was the 1st professional Asian basketball league and has been an institution in the country since its inception. It is still unrivalled in professional sports entertainment. The PBA’s partnership with Coins.ph is sure to take it one step further, as it improves and consolidates its position as one the most respected leagues in the country. The PBA is about growth and improvement. Fans will have the chance to interact in a new manner and learn more about the crypto community through Having Coins.ph.