Stablecoins are hitting racing tracks.
San Francisco-based Coinbase and UK-based Formula 1 team Aston Martin Aramco announced their new partnership on Thursday, swapping the US top crypto exchange with the team’s official partner.
Coinbase branding will appear in Aston Martin AMR25 cars and Fernando Alonso and Lance race suits during the 75th Formula One World Championship season.
The partnership is particularly noteworthy as unpublished amounts are paid at USDC.
“Aston Martin has the option and when asked, they’re looking at the profit, so they chose to be paid entirely at USDC.” Decryption In an interview.
Stablecoins typically offer advantages over traditional means, including lowering and non-boundary transaction costs.
“(Aston Martin) is also featured as a customer for major institutions, making this more than just a marketing partnership,” he said.
Coinbase doesn’t promote Stablecoins more than other ciphers, but using USDC Sun explains, increasing the efficiency and speed of large transactions.
“We are happy to pay our partners with all sorts of codes they have chosen,” Sun said. “Partners choose specific assets based on how they fit into the wider image.”
Crypto’s existence in Formula One is nothing new.
In June 2021, Crypto.com signed a multi-year partnership with F1. Following this agreement, Crypto.com signed a nine-year agreement worth $100 million in February 2022, with Formula 1 secured the right to naming the Miami Grand Prix.
In December 2024, F1 renewed its partnership with Crypto.com to expand the presence of Cryptocurrency Exchange in the sport.
Under the contract, the race, officially known as the F1 Crypto.com Miami Grand Prix, will use Crypto Exchange branding.
Individual racing teams also do branding transactions and upload Crypto profiles on the track.
Red Bull Lace
May 2021: Tezos has partnered with Red Bull Racing, an NFT and fan engagement project.
February 2022: BYBIT has partnered with Red Bull Racing for a blockchain-based initiative for “Crypto-Literacy.”
June 2023: SUI blockchain creator Mysten Labs partnered with Red Bull Racing to host real-world and online activities on a multi-year agreement.
Mercedes-AMG Petronas
September 2021: FTX has partnered with Mercedes-Amg Petronas as the official partner of Crypto Exchange.
April 2022: FTX and Mercedes-AMG Petronas launched an Ethereum-based NFT collection, in which the selected NFTs contained physical components from the team’s Formula 1 vehicles.
November 2022: After the collapse of FTX, Mercedes suspends its partnership and removes FTX branding from the car.
McLaren Race
June 2021: Tezos partnered with McLaren Racing on a few years’ contract to develop an NFT for Formula 1 fans, adding the Tezos logo to McLaren’s car and driver suits
June 2024: McLaren has partnered with Crypto Exchange OKX to release a free line of Ethereum-based NFTs, including sights and sounds from the Formula 1 season.
Williams Racing
March 2023: Formula 1 team Williams Racing has partnered with Crypto Exchange Kraken to become a global partner after the collapse of FTX ended its deal in 2022.
Coinbase vs. Crypto.com: Branding Battle
Coinbase’s latest contract has led to an aggressive expansion of its branding reach as it gets caught up in a direct competition with Singapore-based Crypto.com.
In November 2021, Crypto.com secured the name rights for its Los Angeles Lakes home for $700 million.
Coinbase is also expanding its presence in sports. In October, Coinbase became the official sponsor of the Golden State Warriors.
The deal continued in November, and after playing for Crypto.com Arena since 1999, Coinbase became the official crypto partner of the Los Angeles Clippers.
“We have a big presence in LA through our Clippers partnership, but we’ve already done a lot in sports, especially in the US,” Sun said. . ”
Edited by Sebastian Sinclair
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