- The new deal will enable Coinbase to get cam carpets adverts and perimeter advertising on the club’s home stadium, Signal Iduna park (Westfalenstadion).
- Coinbase’s expanded partnership is the latest in many collaborations between crypto exchanges and soccer teams.
Top American crypto exchange, Coinbase, might soon become one of the main sponsors of one of Germany’s most decorated soccer teams, Borussia Dortmund (BVB). A report from a local media outlet, Handelsblatt, states that more details of the partnership between both parties will be fine-tuned by the time the German Bundesliga resumes. It is worth noting that Coinbase and BVB have been in partnership since July 2022.
But the exchange’s role has been limited to offering crypto education for the soccer club’s staff members. However, the new deal will enable Coinbase to get cam carpets adverts and perimeter advertising on the club’s home stadium, Signal Iduna park, which is widely regarded as the biggest stadium compared to the stadia of other German soccer clubs.
Another benefit of the partnership is that the club’s other marketing channels, including its social media, will be promoting the crypto exchange. BVB has won several titles within and outside Germany and boasts millions of football fans globally. However, a statement from one of BVB’s top-level executives, Carsten Cramer, revealed that the partnership’s duration would expire by June 2023.
Cramer explained that the duration of the partnership is short because the club wants to explore other alternatives if available. “Even though the industry is new, it is exciting, and that’s why we want to be flexible with our partnership arrangements,” Cramer added.
According to him, the soccer club is happy that Coinbase has a regulatory license to operate in Germany’s crypto space because the club won’t want to associate with a non-compliance platform.
Germany’s financial watchdog (the Federal Financial Supervisory Authority, BaFin) approved Coinbase’s crypto license in 2021, which allows the exchange to offer trading and crypto custody services to German crypto users. Cramer also commented on the status of Coinbase’s regulatory license saying,
BaFin’s approval license gives us the confidence to partner with this global brand as this industry is still new and many of those outside the industry are still confused on how it works.
Despite these positives for Coinbase, the exchange isn’t without its troubles. The 2022 bear market took its toll on the company as it laid off 18 percent of its staff members in 2022 and another 950 employees earlier this month. Furthermore, the exchange announced a pause on its operations in Japan’s financial market, citing the harsh economic environment.
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More crypto exchanges partner with soccer teams
Coinbase’s expanded partnership is the latest in many collaborations between crypto exchanges and soccer teams. For instance, Binance is the primary jersey sponsor of the Italian soccer team Lazio and Argentina’s national male team. Binance also partners with the star football player Cristiano Ronaldo to launch his NFT collection.
Similarly, Bitget (another top crypto exchange) is a sleeve partner with Juventus (arguably, the most successful soccer club in Italy). Bitget is also in partnership with 8-time Ballon d’Or winner Lionel Messi. The Bitget-Messi partnership will enable Messi fans to explore the Web3 space and crypto trading on Bitget’s platform.