The Bitcoin-centric financial services company is sponsoring the NBA team and its arena, and will trust the BTC that is paying for the deal.
The NBA’s Houston Rockets took another step in the cryptocurrency industry today, announcing a partnership with financial services firm Bitcoin NYDIG – and the alliance will see the team get paid in Bitcoin (BTC).
NYDIG will serve as the team’s Official Bitcoin Services and Bitcoin Platform Partner, and the companies will work together to develop educational content and community initiatives.
Additionally, the NYDIG brand will be included in the Rockets’ digital and social media presence, as well as in the team’s Toyota Center arena. NYDIG signage will appear on the courtside team apron, and the company is the first naming rights partner for the arena’s suite level, which will be called “Bitcoin Suites by NYDIG”.
NYDIG will not only pay the Bitcoin team for the sponsorship deal, but will also be the custodian of the Rockets’ leading cryptocurrency. The deal will also apply to “a variety of cryptocurrency services”, according to the version.
“The Rockets will be #PaidInBitcoin, and this partnership underscores our excitement about the Houston area and the Bitcoin innovation taking place there.”
said Kelly Brewster, Director of Marketing at NYDIG, in a launch.
“NYDIG’s partnership with the Fertitta family in their business will significantly accelerate their goal of making Bitcoin accessible to everyone.”
Houston Rockets owner Tilman J. Fertitta has recently partnered with NYDIG in other commercial endeavors, including for Bitcoin Rewards for its Landry restaurant chain, which also added Bitcoin as payments at its locations during 2021. Fertitta’s Post Oak Motor Cars Dealership Also is aligned with NYDIG to allow Bitcoin-backed auto loans, in addition, the dealership has accepted Bitcoin payments since 2018.
This is not the Rockets’ first step towards crypto-centric alliances. The team partnered with mining company Bitcoin Bitmain in 2018 and earlier this year signed an agreement with Socios, a maker of fan token rewards.
As with Socios’ recent deal with the New England Patriots, however, no Rockets token has been announced – it’s purely a marketing partnership for now. Socios has signed 24 NBA teams to these deals.