- According to recent reports, Coinbase has extended its partnership with the renowned football club ( Borussia Dortmund ).
- The extended deal is stipulated to run for the next six months.
- Coinbase would benefit from the soccer club’s popularity and mass following all over Europe.
Coinbase, the U.S.-based crypto Exchange, has deepened its alliance with one of the most successful German Soccer teams, Borussia Dortmund (BVB), according to a local news outlet Handelsblatt. The agreement, which turned the company into a Premium partner of the Bundesliga Club, will last until June.
Last year in July, the crypto exchange commenced its partnership with soccer by running ads on video screens in the club’s stadium. Recent reports indicate that the two firms have expanded their collaboration.
In the newly presented terms, the exchange will serve as Borrusia Dortmund’s Premium Partner and promote its products and services on the club’s home ground and German’s largest stadium (Signal-Iduna Park) as a provision of crypto education to the team’s employees.
The soccer team’s managing Director, Carsten Cramer, stipulated that the deal will last until the end of June but might get extended depending on the future condition of the crypto industry. Cramer added:
“The industry is fascinating but still new. That’s why we want to keep our flexibility open.”
Cramer further stated that the exchange’s BaFin license was an essential requirement for the commencement of the partnership. Coinbase platform is among the few crypto companies registered with the German financial watchdog to offer its crypto products and services. However, it is yet to be determined how much the exchange spent to strike the agreement.
Borussia Dortmund is among the top soccer clubs in Germany and Europe and has won various domestic and international titles over the past years. The partnership holds strategic significance for the crypto exchange as it would benefit from the club’s prosperity all over Europe. The club also has a significant social media presence. Any promotions on the club’s physical or digital infrastructure will catch the attention of several football fans as the matches receive global telecasts, which would be advantageous to Coinbase.
However, the crypto company has been battling various challenges in the crypto space as far as the bear market is concerned. It slashed around 950 of its workforce early this month and laid off about 18% of its employees last summer.
Coinbase also revealed that it would stop operating in the Japanese market, citing severe economic conditions. The local Japanese customers have until mid-February to withdraw their holdings from the company, as deposits were halted on January 20.
Rival exchanges have also dived into the soccer space
Apart from Coinbase, other crypto exchanges, including Binance, Bitget, and Crypto.com, have partnered with soccer teams and players in previous years. The world’s largest crypto exchange, Binance, serves as the leading jersey partner of the Italian Lazo and is the main worldwide sponsor of Argentina’s national team. The business also teamed up with the soccer giant, Cristiano Ronaldo, to drop an NFT collection.
Another crypto exchange, Crypto.com, was also involved in the sport’s top championships in the world. The business was the official sponsor in the recent FIFA World Cup Qatar 2022. Its logo was seen in each of the 64 matches played in the tournament.
Last but not least is the Bitget platform, which is the sleeve partner of Juventus, one of Italy’s most prominent soccer clubs. The company also partnered with Lionel Messi to enable fans to explore Web3 and the potential of crypto trading on the exchange.
