Aston Martin Aramco Formula One Team has developed a sponsorship agreement with the cryptocurrency platform, Coinbase.
As part of the deal, the brand has been named as the F1 team’s official crypto partner. Coinbase, established in 2012, is instrumental in making cryptocurrency more accessible and secure for people around the world. Currently, over 560 million individuals worldwide possess cryptocurrency.
The multi-year cooperation intends to expand Coinbase’s purpose of proving cryptocurrency as a means to greater economic freedom around the world. It will also express Coinbase’s desire to make it simple for anybody to engage with cryptocurrencies today.
Notably, Aston Martin Aramco’s collaboration will be totally paid in USDC, a solid digital currency tied 1:1 to the US dollar. This is the first time a Formula 1 team has officially declared the complete payment for a collaboration with a stablecoin such as USDC.
As part of the agreement, Aston Martin Aramco will look into introducing fan engagement opportunities to blockchain. Moreover, Coinbase’s logo will be featured on the halo and rear-wing end plate of the AMR25 all through the season, in addition to on the racing outfits of drivers Fernando Alonso and Lance Stroll.
Jefferson Slack, Managing Director of Commercial, Aston Martin Aramco Formula One Team, 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 signalling our commitment to innovation, building a sustainable, forward-thinking relationship with Coinbase.”
Gary Sun, Vice President, Marketing, Coinbase, said, “This is a huge milestone for Coinbase, marking the first time we’ve invested in a sports partnership entirely in cryptocurrency. It is also our debut in Formula One, and we are excited to embrace an industry that equally values pushing the boundaries with transformative ideas and technology. We look forward to building on this collaboration with Aston Martin Aramco as we strive for greater economic freedom globally.”