Major US-based cryptocurrency exchange Coinbase has expanded its partnership with German soccer team Borussia Dortmund (BVB) to include advertising in the stadium and promotions on all BVB marketing channels.According to a recent blog post by Borussia Dortmund, Coinbase has doubled down on its partnership with BVB to become its premium partner. As part of the new extended partnership, Coinbase brand advertisements will be displayed through perimeter advertising and cam carpets in Dortmund's SIGNAL IDUNA PARK, Germany's largest football stadium.Coinbase initially started its partnership with BVB in July of last year. As part of the deal, Coinbase ads ran on the video screens during home games in the stadium. The exchange also provided workshops on crypto for BVB employees. BVB Managing Director Carsten Cramer said:"The crypto world offers exciting opportunities, and it is important for us to work with a trustworthy partner in this promising field. The granting of the license by 'BaFin' is the clear signal for us as BVB to now have such a partner at our side in a segment that is still very new and often confusing for non-insiders."The stadium did not disclose the terms of the deal, including how much Coinbase spent to ink the partnership. The deal would come to an end by the end of June this year.Coinbase is the biggest crypto exchange in the United States. The exchange is also available in more than 100 countries across the world, including Germany. Back in 2021, Coinbase received licenses from the German Federal Financial Supervisory Authority (BaFin) for crypto custody and proprietary trading. Coinbase's Daniel Seifert, Vice President and Regional Managing Director, said:"We are delighted to deepen our commitment to the German market and look forward to working with BVB. 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."It is worth noting that Coinbase has been struggling with numerous issues as of late. Earlier this month, the exchange announced its third round of layoffs in less than a year amid the ongoing bear market, reducing its headcount by a total of 950 employees, or 20% of its workforce. The company has also revealed it is exiting Japan due to market conditions. Shares of Coinbase, which went public in April 2021 and hit an all-time high of around $370, have since taken a nosedive, losing almost 90% of their value compared to all-time highs.
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