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Coinbase extends partnership with Borussia Dortmund

 


The German soccer team Borussia Dortmund and the cryptocurrency exchange Coinbase are strengthening their relationship.


A partnership between the well-known and substantial US cryptocurrency exchange Coinbase and the German soccer team Borussia Dortmund (BVB) has been expanded to now include stadium advertising and promotions across all BVB marketing platforms.


Coinbase has increased its partnership with the football team to become a premium partner, according to a recent Borussia Dortmund blog post. The largest soccer stadium in Germany, SIGNAL IDUNA PARK in Dortmund, will display Coinbase ads via perimeter ads and cam carpets as part of the newly expanded partnership.


Coinbase and BVB began their collaboration in July 2021. As a condition of the agreement, Coinbase advertisements appeared on stadium video screens while home games were being played. Additionally, the exchange provided BVB employees with workshops on cryptocurrencies. The BVB managing director said:


"The cryptosphere presents exciting opportunities, and it is crucial for us to collaborate with a reliable partner in this promising field. The fact that BaFin gave us permission indicates to us, as BVB, that we now have such a partner on our side. Page in a field that is still very young and frequently perplexing to outsiders. ".


The agreement's details, such as how much Coinbase would spend to sign the partnership, were kept under wraps by the stadium. The agreement would be in effect until June 30 of this year.


The Federal Financial Supervisory Authority (BaFin) granted Coinbase licenses in 2021 for cryptocurrency custody and proprietary trading. Vice President and regional managing director of Coinbase, Daniel Seifert, stated:.


"We are excited to work with BVB and are pleased to strengthen our commitment to the German market. Both Borussia Dortmund in sports and Coinbase's cryptocurrency platform stand for innovation, trust, and responsibility. We are thrilled to have a partner who supports the crypto economy and is willing to work with us to create the future. ".


It's important to note that Coinbase has experienced numerous problems recently. The exchange announced its third round of layoffs earlier this month, reducing its headcount by 950 employees, or 20% of its workforce.


Due to the state of the market, the company also declared that it is leaving Japan. Following their initial public offering in April 2021 and a peak price of about $370, Coinbase shares have since fallen by almost 90%.


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