In July 2022, Coinbase entered into its partnership with Borussia Dortmund By displaying advertisements on video screens in the club’s stadium. However, the new terms of the partnership are much broader.
As a Premier Partner, Coinbase will be promoting its products and services at Signal-Iduna-Park, the club’s home stadium and the largest stadium in Germany. In addition, the exchange will provide crypto education programs for the team’s employees.
The importance of the BaFin license in the cryptocurrency industry
While the financial details of the agreement were not disclosed, Borussia Dortmund Managing Director Carsten Kramer stated that the partnership will run until the end of June 2023, with the possibility of extension depending on the future of the cryptocurrency sector. Cramer also mentioned that Coinbase’s BaFin Licensing was a “prerequisite” for the partnership.
BaFin license, in short Bundesanstalt für Finanzdienstleistungsaufsicht, is a regulatory license issued by the German Federal Financial Supervisory Authority that is required to operate in Germany legally. BaFin’s license ensures that companies adhere to strict compliance and regulatory standards, providing significant protection for consumers and investors.
The growing trend of cryptocurrency and sports partnerships
Having a BaFin license is a sign of credibility in the industry, especially when forming partnerships and collaborating with other companies and organizations. This is evidenced by Coinbase’s partnership with Borussia Dortmund.
Cryptocurrency exchanges are not the only ones that have partnered with sports teams in recent years.
Moreover, Binance is the Italian team Lazio jersey partner and sponsor Argentina national team. Crypto.com was the official sponsor of the FIFA World Cup Qatar 2022, and Petit He is the partner of the most successful Italian football club Juventus. Bitget has also partnered with superstar Lionel Messi to promote their platform.
The partnership between Coinbase and Borussia Dortmund highlights the growing trend of partnerships between cryptocurrency companies and sports teams and organizations. This likely signals a shift in how the cryptocurrency industry is perceived and could lead to more mainstream acceptance and adoption of the cryptocurrency.