Coinbase, the US-based cryptocurrency exchange, has announced an expanded partnership with German soccer team Borussia Dortmund (BVB). The platform, which was previously an advertising partner of the Bundesliga club, will now serve as a Premium Partner until the end of June. The partnership will see Coinbase promoting its products and services at Signal-Iduna-Park, as well as providing crypto education programs for the team’s employees.
Borussia Dortmund’s Managing Director, Carsten Cramer, said that the partnership might be extended depending on the future of the cryptocurrency sector. He also noted that Coinbase’s BaFin license was a “basic requirement” for the partnership, as the company is one of the few cryptocurrency entities registered with the German financial watchdog.
Coinbase has recently been facing challenges during the bear market, laying off around 18% of its workforce last summer and an additional 950 people this month. The company also announced it will stop operating in the Japanese market, citing adverse economic conditions.
The partnership with Borussia Dortmund is not the first time a cryptocurrency exchange has teamed up with a soccer club or player. Binance is the main jersey partner of Italian team Lazio and the main global sponsor of Argentina’s national team. Crypto.com was the official sponsor of the FIFA World Cup Qatar 2022, and Bitget is the sleeve partner of Italian club Juventus. Both Binance and Bitget have also partnered with famous soccer players, Cristiano Ronaldo and Lionel Messi, respectively, to create NFT collections.
