Coinbase and Aston Martin have announced a new Formula 1 racing (F1) partnership paid entirely in crypto stablecoins. Indeed, Coinbase is now an official partner of the Aston Martin F1 team, bringing Coinbase and the crypto world to the racing stage, according to statements by both companies.
JUST IN: Aston Martin announces Formula One (F1) Coinbase partnership paid entirely in crypto stablecoins. pic.twitter.com/xphmZTBoSf
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The multi-year partnership aims to amplify Coinbase’s mission of demonstrating crypto as a key to greater economic freedom globally. It will also communicate Coinbase’s aim to make it easy for anyone to engage with cryptocurrency today. According to Aston Martin, the racing camp will be paid by Coinbase entirely in the USDC stablecoin. This marks the first time any Formula One team has publicly announced the full payment of a partnership with a stablecoin like USDC.
Coinbase x Aston Martin: Bringing Crypto to the Raceways
As part of the global brand partnership, Coinbase branding will feature on the halo and rear-wing end plate of AMR25 vehicles. Additionally, viewers will see Coinbase insignia in drivers Fernando Alonso and Lance Stroll’s racing suits. Furthermore, Coinbase will also work closely with the Aston Martin Aramco Formula One™ team to create “memorable on-chain moments throughout the season.”
Jefferson Slack, Managing Director of Commercial, Aston Martin Aramco Formula One Team, says the partnership is a move into the future for Aston Martin. “This partnership shows the trust and confidence we place in Coinbase’s expertise as a leader in digital finance,” Slack said in a statement. “By transacting this deal fully in USDC, we’re signaling our commitment to innovation, building a sustainable, forward-thinking relationship with Coinbase.”
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Coinbase marketing VP, Gary Sun, also called the partnership yet another milestone captured by the leading crypto exchange. “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.”