US crypto exchange Coinbase is set to become one of Borussia Dortmund’s (BVB) biggest sponsors.
The deal will see Coinbase feature on cam carpet and perimeter advertising throughout the German team’s home stadium, Signal Iduna Park, as well as in the clubs other marketing channels including social media posts.
Coinbase and BVB first agreed a partnership in July 2022 which saw ads run on TV screens during home matches with a view to providing education to those watching.
BVB managing director Carsten Cramer said: “Even though the industry is new, it is exciting, and that’s why we want to be flexible with our partnership arrangements.”
Coinbase received licences from the German Federal Financial Supervisory Authority (BaFin) for crypto custody and proprietary trading in 2021, with Coinbase vice president Daniel Seifert saying at the time: “We are delighted to deepen our commitment to the German market and look forward to working with BVB.”
He added: “Coinbase with its crypto platform and Borussia Dortmund in the sporting arena both stand for innovation, trust and responsibility. We are very pleased to have a partner who believes in the crypto economy and is ready to shape the future with us.”
The exchange announced 20% layoffs earlier this month, reducing its workforce headcount by 950.
The company also revealed it would be exiting the Japanese market due to market conditions.
Shares of Coinbase, which went public in April 2021 and hit an all-time high of around $370, have since dropped dramatically, losing almost 90% of their value compared to all-time highs.
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