Borussia Dortmund ties up with a top-notch Cryptocurrency Exchange Business

 

The German soccer club, Borussia Dortmund (BVB), which plays infamous leagues like the UEFA Champions League and the Bundesliga, has entered into a multi-year partnership with Bybit, a global Crypto trading platform. ByBit will act as the International Champion Partner for Borussia Dortmund. The focus is on marketing, promotion, and mutual brand outreach. The company’s logo will appear on the BVB kit. There are also plans to launch an exclusive BVB fan token as a part of its foray into the Cryptocurrency exchange business.

It aims to improve brand outreach on websites and social media channels. Bybit will be involved in logo and slogan promotion in live matches ahead of  Borussia Dortmund’s high-profile encounter against the in-form Bayern Munich in the Bundesliga. 

Many soccer clubs like Barcelona FC, Paris Saint Germain, Juventus, Roma, Atletico Madrid, Wolves FC, and West Ham United the past have ventured into innovative and disruptive technologies in the crypto space in the form of fan token offerings and tokenized digital collectibles based on blockchain technology. 

BVB currently has the 7th largest fan base in the world and it is targeting the use of cryptocurrency and blockchain technology to win the support of more audiences. Bybit offers trading of multiple cryptocurrencies and stablecoins on its Android and iOS platforms. The features include an advanced index pricing system, a 24x7 live chat facility, global market depth, sufficient liquidity, a top-notch order management system, support for 43 fiat currencies, adequate risk management strategies, and a variety of trading pairs. 

There has been a huge growth witnessed in the popularity of non-fungible tokens (NFT) that provide digital collectibles or gaming perks for global sports fans by converting the club’s merchandise. 

Borussia Dortmund will benefit from this partnership for strengthening their international brand and penetrate deeper into the growing South-East Asian markets. Bybit wants to expand its influence in Europe. Both BVB and Bybit have black and yellow colors in their logo. Bybit, which is growing quickly, aspires to overtake larger exchanges in the market like OKEx, BitMEX, and Binance Futures. It has strong marketing campaigns and also pays bonuses to new customers when they open an account on their platform. They also added 4 new perpetual trading pairs with ETH, LTC, LINK, and XTZ, along with trading fee discounts, referrals, and lottery programs post the launch. Users of Bybit need not comply with KYC (Know Your Customer) norms. This ensures anonymous trading. 

Bybit’s crypto trading platform has a 1.5 million-strong user base and is operating in 110 countries at the moment. It mainly caters to individual retail clients and professional derivatives traders.  It was launched in March 2018 and processes a whopping $3 billion trading volume daily. Bybit’s cryptocurrency exchange business is registered in the British Virgin Islands, which is popularly known for its cryptocurrency-friendly regulations for businesses. 

With Bitcoin having a bullish run of late, the time is ripe now for more high-profile partnerships between sports giants and blockchain-based startups. Fintech firms can get the support of international audiences who are unfamiliar with the digital asset landscape. Clubs will receive valuable sponsorship revenue, which will boost their finances due to the lack of ticket sales due to the restrictions imposed on fans attending the matches owing to the coronavirus pandemic. 

With more number of hacking attacks affecting the functioning of cryptocurrency exchanges all around the globe, Bybit has taken steps like hiring knowledgeable and reputable security consultants for penetration testing, investing in a zero-trust architecture, and running bounty programs to identify any potential vulnerabilities to protect user’s data and funds. There are three layers of risk control verification for users who withdraw cryptos via Bybit, mainly physical environment security, system security, and encryption techniques. 

They have also introduced a multi-signature cold wallet system not connected to the Internet as an alternative to hot wallets to prevent any chances of theft on the platform. They have conducted multiple red alert scenarios with the white hat hacker community to ensure that there are no vulnerabilities in the system.