United States publicly traded cryptocurrency exchange Coinbase partnered with the Aston Martin Aramco Formula One racing team.
According to a recent Astom Martin Aramco Formula One Team announcement, the sport organization partnered with Coinbase as its “official crypto partner.” The partnership will be entirely financed through the USD Coin (USDC) stablecoin. The announcement reads:
“This marks the first time any Formula One team has publicly announced the full payment of a partnership with a stablecoin like USDC.”
The details
As part of the partnership, the racing team will “explore bringing fan engagement opportunities onchain.” Furthermore, Coinbase branding will be featured on the halo and rear-wing end plate of the AMR25 racing car for the season as well as on drivers Fernando Alonso and Lance Stroll’s racing suits. Aston Martin Aramco Formula One Team managing director of commercial Jefferson Slack said:
“This partnership shows the trust and confidence we place in Coinbase’s expertise as a leader in digital finance. By transacting this deal fully in USDC, we’re signaling our commitment to innovation, building a sustainable, forward-thinking relationship with Coinbase.”
Coinbase Vice President of marketing Gary Sun said that the deal “is a huge milestone” for the company and marks “the first time we’ve invested in a sports partnership entirely in cryptocurrency.” He also pointed out that this is the firm’s first involvement in Formula One.
The news follows recent reports that Tether — the stablecoin operator behind leading stablecoin USDT — just announced that it acquired a majority stake in Italian soccer club Juventus. Tether CEO Paolo Ardoino said:
“Aligned with our strategic investment in Juve, Tether will be a pioneer in merging new technologies, such as digital assets, AI, and biotech, with the well-established sports industry to drive change globally. We will explore avenues for innovative collaborations and the potential to revolutionize the global sports landscape.”
