Stablecoins touch the racing process.
Coinbase, based in San Francisco and Formula 1 team Aston Aramco, established in the United Kingdom, announced a sponsorship agreement on Thursday, so that the US Top Crypto exchanged the official sponsor of the team.
The branding of Coinbase appears on Aston Martin’s AMR25 car and the racing suits of Fernando Alonso and Lance Stroll during the 75th World Championship season of Formula 1 as part of the deal.
The deal is particularly remarkable because the non -known amount of the deal is paid in USDC.
“Aston Martin had the option, and when he was asked, they chose to be paid in full in USDC because they see the benefits,” said Coinbase Vice President of Marketing Gary Sun Decrypt In an interview.
Stablecoins generally offer benefits compared to traditional means, including lower and boundless transaction costs.
‘[Aston Martin] are also onboarding as a prime institutional customer, making this much more than just a marketing partnership, “he said.
Although Coinbase Stablecoins does not promote other cryptos, the use of USDC, explained Sun, offers more efficiency and speed for large -scale transactions.
“We like to pay partners in every type of crypto they choose,” said Sun. “Partners choose certain assets based on how it fits in the wider image.”
Cryptos’s presence in Formula 1 is not new.
In June 2021, Crypto.com signed a multi -year deal with F1. This sponsorship was followed by another in February 2022, when Crypto.com closed a nine -year -old deal worth $ 100 million, with Formula 1 securing the name Rights on the Miami Grand Prix.
In December 2024 F1 renewed its deal with crypto.com, which extended the presence of the cryptocurrency exchange in the sport.
According to the agreement, the race would be officially known if the Formula 1 Crypto.com uses Miami Grand Prix and the branding of the crypto exchange.
Individual racing teams have also closed brand offers, which increases the profile of crypto on the track.
Red Bull Racing
May 2021: TEZOS has concluded a marketing agreement with Red Bull Racing for NFT and fan involvement projects.
February 2022: Bybit also signed with Red Bull Racing for blockchain-based initiatives for ‘Crypto-Literacy’.
June 2023: Sui Blockchain Creator Mysten Labs did the same with Red Bull Racing to organize Real-World and online activities in a multi-year deal.
Mercedes-AMG Petronas
September 2021: Mercedes-AMG Petronas has submitted the FTX of SAM Bankman-Rijdourd as an official sponsor of crypto exchange.
April 2022: FTX and Mercedes-AMG Petronas launched a NFT collection-based NFT collection, containing selected NFT’s physical components from the F1 cars of the team.
November 2022: After the collapse of FTX, Mercedes suspended the deal and removed FTX Branding from his cars.
McLaren Racing
June 2021: McLaren Racing signed at TEZOS as part of a multi-year deal to develop NFTs for Formula 1 fans, and adding the Tezos logo to McClaren’s cars and the suits of their drivers
June 2024: McLaren then concluded a deal with crypto exchange OKX to release a line of free Ethereum-based NFTs that include the sights and sounds from the F1 season.
Williams Racing
March 2023: F1 Team Williams Racing signed a marketing agreement with Crypto Exchange Kraken to be the global sponsor after the collapse of FTX that Deal had ended in 2022.
Coinbase vs. Crypto.com: The Branding Battle
The newest deal from Coinbase brings it in direct competition with Crypto.com in Singapore, which has expanded its brand range aggressively.
In November 2021, Crypto.com took care of the name rights for the home of the Los Angeles Lakes for $ 700 million.
Coinbase has also expanded its presence in Sport. In October, Coinbase became the official sponsor of the Golden State Warriors.
This deal was followed in November, with Coinbase the official crypto sponsor of the Los Angeles Clippers when the team was prepared to enter his new home, the Intuit Dome, after playing in the Crypto.com Arena since 1999.
“We have a great presence in LA through our clippers partnership, but we have already done a lot in sport, especially in the US,” Sun said. “The deal of Aston Martin Aramco marks our first step in the direction of a more global, international partnership.”
Published by Sebastian Sinclair
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