According to reports, US-based cryptocurrency exchange Coinbase has strengthened its partnership with the highly successful German soccer team, Borussia Dortmund (BVB). The agreement, which designates the platform as a Premium Partner of the Bundesliga club, will be valid until the end of June.
In July 2020, Coinbase began its partnership with Borussia Dortmund by displaying advertisements on the video screens in the club’s stadium. Recent reports indicate that the two have broadened their collaboration.
With the new agreement, Coinbase will serve as BVB’s Premium Partner and will market its products and services at Signal-Iduna-Park, the club’s home ground and Germany’s largest stadium. The company will also conduct crypto education programs for the team’s employees.
Carsten Cramer, Borussia Dortmund’s Managing Director, said that the partnership will last until the end of June but could be prolonged depending on the future condition of the cryptocurrency sector. He also mentioned that Coinbase’s BaFin license was a “basic requirement” for the partnership. The company is among the few cryptocurrency entities registered with the German financial watchdog.
Despite its recent growth, the exchange has faced significant challenges during the bear market. Last summer, it let go of about 18% of its total workforce and recently laid off an additional 950 people. Additionally, it has announced that it will cease operations in the Japanese market due to unfavorable economic conditions. Users in Japan have until mid-February to withdraw their assets from the platform and deposits were suspended as of January 20.
Borussia Dortmund Deal Amongst Multiple Football-Crypto Partnerships
Over the past few years, several leading cryptocurrency platforms, including Binance, Crypto.com, and Bitget, have formed partnerships with major soccer teams or famous players.
Binance, for example, is the main jersey partner of the Italian Lazio and the main global sponsor of Argentina’s national team, which is the reigning world champion. Additionally, Binance has collaborated with five-time Ballon d’Or winner Cristiano Ronaldo to release an NFT collection.
Crypto.com was the official sponsor of the FIFA World Cup Qatar 2022, and its logo was prominently displayed during all 64 matches. Bitget, on the other hand, is the sleeve partner of Italy’s most successful soccer club, Juventus, and has also partnered with arguably the greatest player of our times, Lionel Messi, to allow fans to explore Web3 and the potential of crypto trading on the platform.