Alibaba Group’s Joe Tsai, who also owns the Brooklyn Nets, has admitted that he is in favor of cryptocurrencies.
Chinese journalist and blogger Colin Wu, who covers all things blockchain and crypto spaces, has shared a recent tweet from Joe Tsai, the executive vice president of Alibaba Group, who stated that he likes cryptocurrencies.
Other than that, Wu added that Tsai owns the Brooklyn Nets NBA team, whose superstar Kevin Durant is an investor in Coinbase and a brand ambassador for this major exchange.
Joe Tsai, Executive Vice President of Alibaba Group and owner of Brooklyn Nets, said: I like cryptocurrencies. Nets star Durant is an investor in Coinbase and serves as a brand ambassador. https://t.co/2CBuZwGAd5
– Wu Blockchain (@WuBlockchain) December 28, 2021
Tsai likes cryptocurrencies, but Alibaba bans the sale of mining rigs
Despite a personal preference in favor of cryptocurrencies by Alibaba’s senior executive Tsai, the e-commerce giant this year has been implementing a blanket policy against cryptocurrencies. This is largely due to the fact that Alibaba is based in China and has to follow the flow of the Chinese mining ban, as well as another ban against the crypto industry and exchanges in particular, which was imposed by the government. local this year.
In September, U.Today reported that the Alibaba Group banned sales of crypto mining rigs. The e-commerce giant also banned all cryptocurrencies on all of its platforms, including Bitcoin, Ethereum, and Litecoin.
The company also promised to stop selling tutorials and manuals related to the cryptocurrency industry. Alibaba was forced to impose these severe restrictions on cryptocurrencies in order to continue operating in China.
Joe Tsai’s Brooklyn Nets star is the face of the Coinbase brand
In 2017, Brooklyn Nets NBA superstar player Kevin Durant invested in the largest US-based cryptocurrency exchange, Coinbase. By 2021, its share has grown more than 50 times compared to four years ago.
Additionally, Durant’s company, Thirty-Five Ventures, has signed a multi-year contract with Coinbase to promote the only publicly traded US-based cryptocurrency exchange. As part of the contract, the company will provide advertisements and sponsored content for Durant’s promotion of the crypto trading platform. The superstar will be the Coinbase brand face.
As Coinbase continues to use the professional sports space for its promotion, in October this year, the exchange marked partnerships with NBA, WNBA, USA Basketball, etc. The Coinbase logo will appear on television broadcasts during the 75th season of the NBA.