From the official twitter account of Adidas Originals, "We've partnered with @coinbase. Probably nothing." he shared. Coinbase responded to the tweet with the handshake emoji, "Welcome to the party, partner!" He retweeted the tweet. Details of this partnership have not been shared with the public yet.
In fact, this partnership is not Adidas' first entry into the cryptocurrency space. In early 2021, he partnered with Trevor Lawrence, who was the number one overall pick in the 2021 NFL draft, to issue a series of commemorative non-tradable tokens (NFTs).
Coinbase recently released its third-quarter financial report, reporting $1.23 billion in net income for the period. It's a 39% drop from the previous quarter, when the company generated a record $2 billion in revenue. The report noted that net income was just $406 million, down almost 75% from the second quarter, resulting in a profit of $1.6 billion for the firm. It reported an adjusted EBITDA (earnings before interest, taxes, depreciation and depreciation) of $618 million. Share prices did not respond well to the drop in profits, falling as much as 10% in the hours after the financial results were announced.
To keep up with the increasingly competitive landscape represented by these declining numbers, Coinbase continues to offer new products, trying to forecast consumer demand. Last month, the exchange announced that more than 1 million people have signed up for the waiting list for its upcoming NFT platforms.