Aston Martin (LON:AML)'s Formula One team announced a partnership with Coinbase (NASDAQ:COIN), establishing the cryptocurrency exchange as its Official Crypto Partner. The deal, which was completed with payment entirely in USDC stablecoins, will see the Coinbase logo prominently displayed on the team's AMR25 racing car.
The car is slated for a full reveal on February 18, but the partnership has already been confirmed to feature Coinbase branding on the vehicle's halo and rear-wing end plate.
The collaboration extends to the team's drivers, Fernando Alonso and Lance Stroll, who will also showcase the Coinbase logo on their racing suits. Coinbase's marketing vice president, Gary Sun, expressed enthusiasm for the partnership, highlighting the shared commitment to innovation and transformative technology between the cryptocurrency platform and the motorsports industry.
As part of this alliance, Aston Martin Aramco (TADAWUL:2222) is set to delve into new fan engagement strategies by leveraging blockchain technology. The press release hinted at potential onchain fan experiences, which could be developed on Base, Coinbase's Ethereum Layer 2 network.
The partnership marks Coinbase's entry into an arena where its rival, Crypto.com, has been a prominent player. Crypto.com has been involved with Formula One since 2021 and has recently renewed its partnership until 2030, marking it as one of the organization's most enduring collaborations.
Despite Coinbase's new partnership, Crypto.com will retain naming rights for the Formula 1 Crypto.com Miami Grand Prix and will continue to focus on crafting exclusive fan experiences and activations across various Grands Prix.
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