Stablecoin And Formula 1: Coinbase-Aston Martin Sponsorship
Coinbase becomes official sponsor of Aston Martin in Formula 1, with payments made entirely in USDC. Crypto enters the world of racing.
US-based Coinbase and British Formula 1 team Aston Martin Amarco have announced their sponsorship deal, making the cryptocurrency exchange giant the team's official sponsor.
According to the agreement, the Coinbase brand will appear on the racing suits of Lance Stroll and Fernando Alonso, as well as on the Aston Martin AMR25 car in the upcoming 75th Formula 1 World Championship.
Coinbase Enters the F1 Racing Sector
The authorities have not yet revealed the exact amount, but the deal is attracting attention because the payment is being made in USDC. During an interview, Coinbase vice-president Gary Sun said:
"Aston Martin had the option and, when asked, chose to be paid entirely in USDC because they see the advantages."
Stillecoins offer advantages over traditional financial methods, including borderless payments and lower transaction costs.
"Aston Martin is also becoming a primary institutional customer, making this partnership much more than just a marketing partnership," Sun added.
Coinbase does not directly promote stablecoins over other cryptocurrencies, but explained that USDC offers greater efficiency and speed in large-scale transactions.
Commenting on the payment method, Sun pointed out:
"We are happy to pay partners with whatever type of cryptocurrency they choose. Partners choose certain assets based on how they fit into the bigger picture."
This is not the first time a crypto entity has entered the Formula 1 industry. In 2021, Crypto.com signed a deal with F1. The sponsorship was followed by a second deal in February 2022, with a massive nine-year $100 million contract with Formula 1, which granted Crypto.com the naming rights to the Miami Grand Prix.
In December 2024, Formula 1 renewed its agreement with Crypto.com, extending the exchange's presence in the racing world. Under the new agreement, the race will officially be known as the Formula One Crypto.com Miami Grand Prix.
Participating teams have also entered into agreements with Crypto.com, helping to increase the exchange's notoriety among the public.
Coinbase's entry into the world of Formula 1 with Aston Martin, along with Crypto.com's agreement with F1, underscores how digital currencies are finding their way into a variety of sectors. These developments represent hope for cryptocurrency enthusiasts, who see in them the future of the global economy.
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US-based Coinbase and British Formula 1 team Aston Martin Amarco have announced their sponsorship deal, making the cryptocurrency exchange giant the team's official sponsor.
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According to the agreement, the Coinbase brand will appear on the racing suits of Lance Stroll and Fernando Alonso, as well as on the Aston Martin AMR25 car in the upcoming 75th Formula 1 World Championship.
Coinbase Enters the F1 Racing Sector
The authorities have not yet revealed the exact amount, but the deal is attracting attention because the payment is being made in USDC. During an interview, Coinbase vice-president Gary Sun said:
Stillecoins offer advantages over traditional financial methods, including borderless payments and lower transaction costs.
Coinbase does not directly promote stablecoins over other cryptocurrencies, but explained that USDC offers greater efficiency and speed in large-scale transactions.
Commenting on the payment method, Sun pointed out:
This is not the first time a crypto entity has entered the Formula 1 industry. In 2021, Crypto.com signed a deal with F1. The sponsorship was followed by a second deal in February 2022, with a massive nine-year $100 million contract with Formula 1, which granted Crypto.com the naming rights to the Miami Grand Prix.
In December 2024, Formula 1 renewed its agreement with Crypto.com, extending the exchange's presence in the racing world. Under the new agreement, the race will officially be known as the Formula One Crypto.com Miami Grand Prix.
Participating teams have also entered into agreements with Crypto.com, helping to increase the exchange's notoriety among the public.
Coinbase's entry into the world of Formula 1 with Aston Martin, along with Crypto.com's agreement with F1, underscores how digital currencies are finding their way into a variety of sectors. These developments represent hope for cryptocurrency enthusiasts, who see in them the future of the global economy.
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