Coinbase bets on gaming by signing the partnership with Team Liquid

Coinbase bets on gaming by signing the partnership with Team Liquid

Multinational esports organization Team Liquid has ventured into the world of cryptocurrency, with a four-year partnership with cryptocurrency exchange platform Coinbase.

Team Liquid and its official crypto partner

2021 was the year esports and cryptocurrency really converged. Several crypto exchange platforms have joined the world of esports to explore another channel for their advertising.

The digital sports industry, in turn, leverages the power of cryptoactifs to create virtual experiences for its fan base worldwide. The latest esports organization to join this trend is Team Liquid, which has embarked on a 4-year partnership with the global exchange platform Coinbase. Team Liquid announced this new partnership in a press release, where it was also revealed that the collaboration will focus on improving the overall fan experience.

Team Liquid President and COO Claire Hungate commented on the partnership:

“ A partnership for us is to energize the TL business […] develop our fan base and best serve our current loyal audiences. A successful and long-term partnership gives us the capacity to grow. The connection between Coinbase being a company at the cutting edge of technology and innovation and Team Liquid also innovating in the esports space makes it possible to invest more deeply in our objectives and to innovate more quickly. ”

How does Coinbase help Team Liquid?

Specifically, Coinbase will help launch crypto payments on the Liquid + community platform in exchange for showcasing their branding on Team Liquid’s merch. Additionally, Coinbase will also collaborate on the upcoming Liquid + mobile app to deliver experiences and activities to fans. Finally, the collaboration will also pave the way for the very first Liquid + Scouting combination which will include a significant prize pool and is expected to be presented in the first quarter of 2022.

Coinbase advances in the esports market

With a user base of over 40 million and a revenue stream of 41 billion in 2020, Coinbase is one of the world’s leading exchange platforms, with multiple links to esports brands. The exchange platform has already partnered with other esports companies like Evil Geniuses and BIG as well as tournament organizers ESL and BLAST.

Speaking about the partnership with Team Liquid, Austin Schumacher, vice president of branding at Coinbase, said:

“  At Coinbase, we have long believed that esports and gaming are the entertainment and competition of the future. We share a culture of innovation and a strong sense of community: Esports and Team Liquid are challenging what it means to be an athlete and changing the way organizations connect with fans.  ”

Coinbase is a step ahead and is betting a lot on the world of gaming. This move is admirable because, according to the latest information, cryptocurrency and gambling are approaching at an accelerated pace.

The cryptocurrency exchange Coinbase published its financial results for the third quarter on Tuesday, November 9, 2021. Here is what we can remember:

After a resounding IPO in April and a second quarter that benefited from the boom in cryptocurrencies, Coinbase seems to have taken the brunt of the fall in bitcoin and other cryptos that marked the start of summer.

Its third-quarter revenue fell from $ 2 billion to $ 1.2 billion quarter-on-quarter, a 40% decline. Its net income also declined almost 75%, from $ 1.6 billion to $ 406 million.

Between the second and third quarters, the volume of transactions on the platform also fell by almost 30% and the number of users who carried out transactions during the period fell by 16%. Note, however, that the value of assets on the platform increased by 42%.

After the Nasdaq closed on Tuesday, Coinbase’s stock on the stock market fell more than 13%.
Another positive point: year-on-year, all indicators are still showing strong growth. For example, net profit rose by more than 400% and the volume of transactions increased by 627%.

In its letter to shareholders, the company was however reassuring. She states that despite “volatile activity”, Coinbase is not “a quarter-to-quarter investment, but rather a long-term investment in the growth of the crypto-economy” and in the ability of the business “to offer products and services ” related to this economy. “We encourage our investors to take this point of view, ” continued the company led by Brian Armstrong.

Finally, remember that bitcoin hit a new record on Monday, November 8, exceeding $ 68,000 in value. Coinbase’s fourth quarter could thus be marked by further significant progress.


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Christopher
By Christopher

Founder of ZooStormGaming and die-hard Gamer.


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