LONDON (Reuters) – Making waves in Formula One, Aston Martin has set a new precedent by revealing a groundbreaking multi-year sponsorship deal with Coinbase, entirely paid in cryptocurrency. This partnership sees the exchange platform becoming the team’s official crypto sponsor.
Aston Martin has disclosed that the terms of the sponsorship agreement were not publicized, but it is confirmed that the payments will be made to the team in USDC, pegged at a 1:1 ratio with the U.S. dollar. The team proudly stated, “This announcement signifies the first instance where any Formula One team has openly declared the receipt of a complete sponsorship payment in a stablecoin such as USDC.”
While several Formula One teams have engaged in various cryptocurrency sponsorships, it is worth noting that crypto.com holds the distinction of being an official partner of the sport owned by Liberty Media.
(Reporting by Alan Baldwin, editing by Pritha Sarkar)
