Coinbase teams up with Riot Games for Global Esports Sponsorship

U.S. cryptocurrency exchange Coinbase has teamed up with Riot Games, the creator of popular video games League of Legends and Valorant. The two parties have signed a long-term deal to work together on global esports events for these games, starting with a Valorant event in Toronto in June 2025.As part of this partnership, Coinbase will connect with fans through social media, ads during game broadcasts, and cool tech features. They’ll also add new segments to the esports shows: one called “Econ Report” for Valorant and another called “Gold Grind” for League of Legends.Additionally, the firm will provide viewer rewards like redeemable emotes and icons, as well as promotional opportunities, including all-expenses-paid trips to major competitions.As per the reports, the company aims to explore Web3 technology to enhance its fans’ experiences. The firm has specific plans that remain under wraps. “We’re looking forward to creating some exciting things on the Web3 front with Riot,” the representative noted, declining to disclose the deal’s financial terms or exact duration beyond confirming its multi-year scope.Nowadays, cryptocurrency and esports are teaming up more frequently. In the year 2021, Riot Games, the makers of League of Legends and Valorant, made a big deal with a crypto company called FTX to sponsor their esports events.It was worth $100 million and was supposed to last seven years, focusing on League of Legends esports in North America. But FTX went bankrupt in November 2022, so the deal fell apart. After that, Riot did not have a crypto partner until this new Coinbase deal appeared.Another esports team, Team SoloMid (TSM), also had a deal with the crypto company FTX, but it ended when FTX went bankrupt. Despite that problem, the firm didn’t give up on crypto. Further, in the year 2023, the firm started working with a blockchain called Avalanche to create new projects. These initiatives show that esports teams still want to use crypto technology even after facing challenges in the industry.Also Read: Aptos Partners With STAN to launch eSports platform in India