Coinbase Expands its Partnership With German Soccer Club Borussia Dortmund (Report)
Coinbase will serve as the Premium Partner of Borussia Dortmund until the end of June, 2023.
The US-based cryptocurrency exchange – Coinbase – reportedly doubled down on its agreement with one of the most successful German soccer teams – Borussia Dortmund (BVB).
The deal, which turned the platform into a Premium Partner of the Bundesliga club, will last until the end of June.
Making the Collaboration Public
Coinbase started its partnership with Borussia Dortmund in July last year by running ads on the video screens in the club’s stadium. According to recent coverage, the two have expanded their collaboration.
Following the new terms, Coinbase will serve as BVB’s Premium Partner, promote its products and services on Signal-Iduna-Park (the club’s home ground and Germany’s largest stadium), and provide crypto education programs for the team’s employees.
It remains unknown how much Coinbase spent to strike the deal. Borussia Dortmund’s Managing Director – Carsten Cramer – said it will last until the end of June but might get extended depending on the future condition of the cryptocurrency sector:
“The industry is very exciting but still new. That’s why we want to keep our flexibility open.”
Cramer added that Coinbase’s BaFin license was a “basic requirement” for striking the partnership. The company is among the few cryptocurrency entities registered with the German financial watchdog.
Despite its recent expansion, the exchange has been coping with severe problems during the bear market. It dismissed around 18% of its total workforce last summer and laid off additional 950 people earlier this month.
It also announced it will stop operating on the Japanese market, citing adverse economic conditions. Local users have until mid-February to withdraw their holdings from the platform, while deposits were halted today (January 20).
The Rivals Have Already Dived Into the Soccer Field
Leading cryptocurrency trading venues, including Binance, Crypto.com, and Bitget, have collaborated with soccer giants or famous players over the past few years.
Binance serves as the main jersey partner of the Italian Lazio and is the main global sponsor of Argentina’s national team (the reigning world champion). It also teamed up with the winner of five Ballon d’Or awards – Cristiano Ronaldo – to drop an NFT collection.
Crypto.com was the official sponsor of the FIFA World Cup Qatar 2022, and its logo was visible during each of the 64 matches played in the tournament.
Bitget is the sleeve partner of Italy’s most successful soccer club – Juventus. It also partnered with arguably the greatest player of our times – Lionel (Leo) Messi – to allow fans to explore Web3 and the potential of crypto trading on the platform.