According to reports, the US-based cryptocurrency exchange Coinbase has strengthened its partnership with Borussia Dortmund, one of the most successful soccer clubs in Germany (BVB).
The agreement, which made the platform a Premium Partner of the Bundesliga team, is valid through June 30.
In July of last year, Coinbase and Borussia Dortmund began a partnership by running advertisements on the stadium’s video screens. Recent reports claim that the two have increased their cooperation.
In accordance with the new terms, Coinbase will represent BVB as a Premium Partner, market its goods and services at Signal-Iduna-Park, the club’s home field and the biggest stadium in Germany, and offer crypto education initiatives for the team’s personnel.
How much Coinbase spent to seal the deal is still a mystery. Carsten Cramer, the managing director of Borussia Dortmund, stated that it will last until the end of June but may be extended depending on the state of the cryptocurrency market going forward:
Although relatively young, the industry is tremendously exciting. We want to maintain our flexibility because of this.
The BaFin licence held by Coinbase, according to Cramer, was a “fundamental need” for the relationship. One of the few bitcoin businesses registered with the German financial watchdog is the corporation.
The exchange has been dealing with serious issues during the weak market despite its most recent growth. It let go about 18% of its whole personnel last summer, and 950 more were let go early this month.
Additionally, it declared that it would stop doing business in Japan due to the country’s unfavourable economic climate. While deposits were stopped today, local users have until mid-February to withdraw their holdings from the platform (January 20).
The soccer field has already been invaded by the rivals.
Over the past few years, prominent cryptocurrency trading platforms like Binance, Crypto.com, and Bitget have partnered with soccer titans or well-known players.
Binance is the primary global sponsor of Argentina’s national team as well as the primary jersey partner of Italian club Lazio (the reigning world champion). Additionally, it released an NFT collection in collaboration with Cristiano Ronaldo, the five-time Ballon d’Or winner.
As the FIFA World Cup Qatar 2022’s official sponsor, Crypto.com’s logo was displayed during each of the 64 games that took place during the competition.
Juventus, the most successful soccer team in Italy, has chosen Bitget as its sleeve partner. In order to provide fans the chance to learn more about Web3 and the possibilities for cryptocurrency trading on the platform, it also collaborated with Lionel Messi, who is regarded as the greatest footballer of our time.