January 29, 2023

Coinbase Expands Partnership With German Football Club Borussia Dortmund

American cryptocurrency exchange Coinbase doubled its agreement with one of the most successful German football teams - Dortmund Borussia Dortmund (BVB). The deal that turned the platform intoPremium partner club of the Bundesliga, will last until the end of June. Coinbase partnered with Borussia Dortmund in July last year by placing ads on the video screens of the club's stadium. Under the new terms, Coinbase will act as a premium partner of BVB, promote its products and services on Signal-Iduna-Park (home ground of the club and the largest stadium in Germany), as well as provide cryptocurrency training programs for team memberss.

It is not yet known how much Coinbase spent onmake a deal. Borussia Dortmund Managing Director Carsten Kramer said that it will last until the end of June, but may be extended depending on the future state of the cryptocurrency sector: “This industry is very interesting, but still new. That's why we want to keep flexibility.” Cramer added that Coinbase's BaFin license was a "basic requirement" for the partnership to take place. The company is one of the few cryptocurrency entities registered with the German Financial Supervisory Authority. Despite the recent expansion, the exchange has faced significant challenges during the bear market. It fired about 18% of its workforce last summer and laid off another 950 earlier this month. It also announced it would stop operating in the Japanese market, citing unfavorable economic conditions. Local users have until mid-February to withdraw their assets from the platform while deposits have been halted (January 20).

Competitors have already entered the football field.

Binance acts as the main partner of the Italian football club "Lazio" and is the main global sponsor of the Argentina national team (the reigning world champion). The company has also teamed up with five Ballon d'Or winner Cristiano Ronaldo to launch the collection. NFT.

Crypto.com was the official sponsor of the FIFA World Cup FIFA in Qatar 2022, and its logo was visible during each of the 64 matches played as part of the tournament.

Bitget is a sleeve partner of the most successful football club in Italy - Juventus. He also collaborates with perhaps the greatest player of our time - Lionel (Leo) Messi, for fans to explore Web3 and the potential for trading cryptocurrencies on the platform.