Benzinga | Sep 22, 2021 08:48AM EDT

Philadelphia 76ers Announce Crypto.com As Jersey Patch Partner, NFT For NBA Season

The National Basketball Association's Philadelphia 76ers announced a new jersey patch partnership Wednesday morning.

What Happened: The 76ers have partnered with Crypto.com, one of the fastest growing cryptocurrency platforms.

"Crypto.com will be woven into the fabric of our identity and together we will change the landscape for how crypto is integrated in sports," 76ers President Chris Heck said.

The deal will see crypto.com as the featured jersey patch partner and a partner on releasing a non-fungible token series. StubHub was the team's previous jersey patch sponsor.

Crypto.com and the 76ers will also release a series of NFTs on the cryptocurrency company's recently launched NFT platform.

"We will also leverage Crypto.com's forward-thinking, global expertise to unveil our first-ever NFT program."

The deal marks the first cryptocurrency deal for an NBA jersey patch deal. The Crypto.com logo will be featured on all four versions of the 76ers jersey throughout the 2021-2022 season.

Related Link: Paris Saint Germain Signs Deal With Crypto.com: What Investors Should Know

Why It's Important: Crypto.com has 10 million users worldwide and has been rapidly growing its user base. The company has also been ramping up its sports-related sponsorships including a deal with French soccer team Paris Saint-Germain, Liberty Formula One Group (NASDAQ:FWONA), and the NHL's Montreal Canadiens.

This marks the first NBA partnership by Crypto.com.

Crypto.com will be featured as a sponsor of the team and will receive in-arena presence and social media advertising. Crypto.com can also use the 76ers name and logo in marketing and advertising.