Cryptocurrency exchange service Crypto.com has partnered with automaker Aston Martin to sponsor the Formula 1 team.
According to a Business Insider report, the collaboration marks a multi-year sponsorship to celebrate the British carmaker’s return to the F1 track in 2021 after a 61-year absence. However, the exact financial details of the sponsorship agreement were not disclosed.
Under the agreement, Aston Martin F1 cars will be decorated with the Crypto.com logo, which can provide significant access to cryptocurrency exchanges. According to Autoweek, the average viewership for the F1 season 2020 was 87.4 million fans.
As Cointelegraph previously reported, Crypto.com first passed 5 million users in October 2020. Since then, the exchange’s customer base has doubled to 10 million.
Commenting on the significance of the sponsorship deal with Aston Martin, Crypto.com co-founder and CEO Chris Marshalk said:
“The fact that a cryptocurrency company can close and issue a statement like this and join a respected brand with a long tradition like Aston Martin, is a sign that the industry is evolving.”
Marshalek says that in addition to the logo on Aston Martin F1 cars during its 17th racing season, the cryptocurrency exchange wants to take advantage of the collaboration to market other cryptocurrency products.
The automaker wants to partner with Crypto.com to better understand the cryptocurrency field, according to Jefferson Slack, Aston Martin F1 Division Commercial CEO.
Aston Martin’s CEO has also revealed that the carmaker, known for being featured in the James Bond series, is also interested in markets such as tokens and basic propulsion systems.
In fact, Crypto.com is one of the contributors to expanding the cryptocurrency debit card scene. Back in May 2020, the company announced that Visa cards were the cheapest.
The Crypto.com sponsorship agreement with Aston Martin is the latest example of a cryptocurrency company collaborating on a sports project. From NASCAR to the Premier League, cryptocurrency companies continue to expand their commercial presence in organized sports.