Coinbase, the publicly listed American company that operates a centralized cryptocurrency exchange platform, became a premium partner of the German soccer team Borussia Dortmund (BVB) just days after it announced the closure of its operations in Japan.
Coinbase doubled down its deal with Borussia Dortmund, one of the top clubs in Bundesliga, the professional association football league in Germany, by amping up its role as a premium partner that will last until June 2023.
The U.S.-based crypto exchange platform entered into a partnership with the club in July 2022 by just running ads on the club stadium’s video screens during home games, but based on the latest report of German-language business newspaper Handelsblatt, the partnership has “deepened.”
The new agreement was arranged by international sports marketing agency Sportfive for Bundesliga, which includes expanded advertising in the stadium and promotions on all Borussia Dortmund marketing channels starting after the winter break, according to Daniel Seifert, Vice-President and Regional Managing Director, EMEA and spokesperson for Coinbase, Germany.
Moreover, Coinbase’s premium partnership with BVB will allow the former to promote its products and services on Germany’s largest stadium and the club’s home ground, Signal-Iduna-Park, and also provide cryptocurrency education programs to the team’s employees.
“Coinbase with its crypto platform and Borussia Dortmund in the sporting arena both stand for trust and responsibility,” Seifert said.
Coinbase is the first corporation in Germany and in Europe to receive licenses for cryptocurrency custody and proprietary trading from the German Federal Financial Supervisory Authority, licenses which were only given to crypto assets and units of account.
“The granting of the license by the ‘BaFin’ is the clear signal for us to now have such a partner at our side in a segment that is still very new and often unclear to non-insiders. We are therefore delighted to partner with Coinbase as the responsible, secure and standards-compliant global platform for crypto trading,” BVB Managing Director Carsten Cramer said.
“As a listed club, we have imposed special requirements on ourselves. Coinbase’s Bafin license was a basic requirement for cooperation,” Cramer added.
It is interesting that the deal was already initiated but was just announced very recently, which could be an indication that both parties wanted to act discreetly considering the current market conditions, especially the one of which Coinbase is a part.
Last week, Coinbase announced it is shutting down operations in Japan, noting that the move was a “difficult decision” while citing “market conditions.”
Earlier this month, the company announced a second major round of job cuts which will reduce its global workforce by 20% or around 950 employees, a decision which, according to the company, would cut its expenses by 25%.
Reuters / SHANNON STAPLETON
