Aston Martin Cognizant Formula One has become the latest sports team and the first Formula One team to partner with a cryptocurrency firm.

The multi-year agreement with cryptocurrency platform Crypto.com will see the partners cooperate on exclusive fan engagement activations as well as look for new opportunities for traders.

“I am very impressed by the vision of the Crypto.com management and the tremendous speed at which their platform is growing,” said Lawrence Stroll, Executive Chairman at Aston Martin. 

“I am sure this partnership will bring a fresh perspective to both our businesses and introduce both brands to new audiences. We are proud of our heritage, but as this deal shows we are also a very modern team.”

Crypto.com, a fast growing platform with over ten million active users, will gain branding exposure on Aston Martin F1 cars in competitions worldwide.

“The fact that a cryptocurrency company can go out there and make a statement like this, and align with such a well-respected brand with such a huge tradition as Aston Martin, it makes a statement that the industry is maturing,” remarked Kris Marszalek, CEO of Crypto.com.

Although the first partnership of its kind in motorsports, cryptocurrency firms have become increasingly active in the sports sponsorship sector in recent months.

AC Milan recently embraced blockchain via an agreement with Socios.com, which has seen the seven-time UEFA Champions League winners launch a ‘Fan Token’ crypto coin, enhancing the team’s fan engagement capabilities. 

Other notable sports organisations to have struck deals with Socios.com include football clubs FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Atlético Madrid, Galatasaray and Trabzonspor, as well as the Ultimate Fighting Championship (UFC).

In addition, English Premier League football clubs Arsenal and Southampton both maintain partnerships with Sportsbet.io, a cryptocurrency sports betting operator.