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Coinbase expands its partnership with the German soccer club, Borussia Dortmund.

Coinbase expands its partnership with the German soccer club, Borussia Dortmund.

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Answer Coinbase expands its partnership with the German soccer club, Borussia Dortmund.

US-based cryptocurrency exchange Coinbase has deepened its agreement with one of the most successful German soccer teams Borussia Dortmund (BVB).

The deal, which turns Coinbase into a premium partner for the Bundesliga club, will run until the end of June 2023.

Consolidation of cooperation:

Coinbase began its partnership with Borussia Dortmund in July last year by displaying advertisements on screens in the club’s stadium.

According for reports Recently, the two expanded their cooperation.

Under the new terms, Coinbase will act as a privileged partner of Borussia Dortmund BVB, promote its products and services at Signal-Iduna-Park, the club’s home stadium and the largest stadium in Germany, and provide crypto education programs for the team’s staff.

Read:Brazil and other Latin American countries seek to regulate the crypto market

It is still not known how much Coinbase spent to seal this deal.

Borussia Dortmund Managing Director Carsten Kremer stated that the cooperation deal will last until the end of June but may be extended depending on the future state of the cryptocurrency sector, and added:

The industry is very exciting but still new.

That’s why we want to keep our flexibility and keep the deal open.

Cramer added that BaFin’s license to Coinbase was “a prerequisite for concluding the partnership.

The company is among the few cryptocurrency entities registered with the German Financial Supervisory Authority.

Despite the recent expansion, Coinbase has been dealing with severe problems during the bear market.

It fired about 18% of its total workforce last summer and laid off an additional 950 people earlier this month.

It also announced that it will stop operating in the Japanese market due to the current economic conditions.

Local users have until mid-February to withdraw their holdings from the platform, while deposits were stopped on January 20.

Read:China reveals its new assessment of blockchain networks for early 2020, and EOS leads

It is worth noting that Coinbase is not the first crypto company to enter the field of sports and football in particular as other leading cryptocurrency exchanges, including Binance, Crypto.com and Bitget, have already teamed up with the biggest football clubs or famous players. over the past few years.

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