Aston Martin has penned a sponsorship deal with American cryptocurrency exchange Coinbase ahead of the 2025 Formula One season.
The motorsports team and Coinbase have detailed an ambition of bringing fan engagement ‘onchian’ via the deal, while the latter aims to market its crypto trading platform to a wider audience.
Crypto partnerships are nothing new in sports, and F1 in particular has been a focal point for the sector’s marketing activity. Crypto.com, another major crypto exchange, is notable for being a headline partner of the F1, while other sports like football have also seen a number of commercial deals such as a partnership between Bitpanda and AC Milan, among others.
“This partnership shows the trust and confidence we place in Coinbase’s expertise as a leader in digital finance,” remarked Jefferson Slack, Managing Director of Commercial at Aston Martin Aramco Formula One Team.
“By transacting this deal fully in USDC, we’re signalling our commitment to innovation, building a sustainable, forward-thinking relationship with Coinbase.”
What is new in the case of this partnership, however, is that Coinbase has financed its sponsorship fees entirely using cryptocurrency. Specifically, it has paid for the deal in full using its US dollar-pegged stablecin, USDC.
This is perhaps indicative not only of the strong marketing links between crypto and sports but also growing adoption of digital assets in general.
Crypto and other business stakeholders have been getting more confident in this adoption of late, particularly in the context of pro-crypto Donald Trump returning to the White House and new regulations coming into effect in the EU, among other factors.
With public interest in crypto at an all time high amid these political and regulatory changes but also soaring valuations for Bitcoin, Ethereum, and others last year, crypto exchanges like Coinbase and Crypto.com stepping up marketing efforts in sports and otherwise this year would not be hugely surprising.
Gary Sun, Vice President of Marketing at Coinbase, added: “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.”
