Coinbase has partnered with Riot Games to become the exclusive crypto exchange for League of Legends and Valorant global esports events. This multi-year deal, launching at the Valorant Masters, includes new in-game segments and fan engagement initiatives, like rewards for viewers. This sponsorship comes after Riot’s previous deal with FTX collapsed just last year, leaving a gap in their crypto sponsorships. The partnership signals ongoing intertwining of crypto and esports.
Coinbase, the well-known crypto exchange, has just inked a marketing partnership with Riot Games. This deal makes Coinbase the exclusive crypto exchange and the official blockchain partner for global esports events associated with League of Legends and Valorant. Excitingly, the partnership is set to kick off at the Valorant Masters event in Toronto this June. However, Coinbase hasn’t shared details on the financial terms or the exact duration of the agreement, only that it spans multiple years.
The sponsorship will introduce new in-game segments, notably an “Econ Report” for Valorant and “Gold Grind” for League of Legends. These segments aim to provide fans with detailed analyses of in-match currency movements and how they affect team strategies during competitive play. Furthermore, the collaboration includes enhancing viewer engagement through rewards like redeemable emotes or icons and chances for fans to win all-expenses-paid trips to major competitions.
In a statement, Coinbase pointed out its intent to explore Web3 technology to enrich the fan experience throughout the tournament season. While specific plans are still in the works, a Coinbase representative expressed enthusiasm about the potential innovations that could come from this direction, particularly in terms of interaction with fans.
The intersection of cryptocurrency and esports has been well documented. Numerous prominent esports teams and leagues have accepted crypto sponsorships, taking advantage of the technology for digital collectibles and rapid payment solutions for participants. It’s a space rich with opportunity and innovation. Recently, Riot Games found itself in need of a new crypto sponsor after its long-term deal with FTX fell through. FTX had signed a seven-year sponsorship deal worth an estimated $100 million in August 2021 for its North American League of Legends Championship Series.
But after FTX’s fall from grace in late 2022, Riot was left without a crypto partner until now. Court revelations from 2023 indicated that the sponsorship was valued at around $100 million, although significant payments were not expected until later years. In the world of esports, FTX also had a high-profile partnership with Team SoloMid (TSM), which included a $210 million, ten-year deal. The collapse of FTX, however, didn’t quench TSM’s ambitions; in early 2023, they announced plans to develop projects on the Avalanche blockchain. It seems the synergy between crypto and esports is far from over, with Coinbase now stepping into a significant role at a critical time in the industry.
