Cryptocurrency Exchange Service Crypto.com has signed a partnership agreement with automaker Aston Martin to sponsor its Formula 1 team.
According to a report by Business Insider, the collaboration is a multi-year sponsorship to mark the return of the British automaker to the Formula 1 circuit in 2021 after a 61-year absence. However, the exact financial details of the sponsorship deal have not been released.
With the closing of the deal, Aston Martin’s F1 cars will be adorned with the Crypto.com logo, potentially a significant disclosure for cryptocurrency exchanges. According to Autoweek, the average audience for the 2020 F1 season was 87.4 million fans.
As Cointelegraph previously reported, Crypto.com exceeded 5 million users for the first time in October 2020. The exchange’s customer base has since doubled to 10 million.
Commenting on the importance of the sponsorship deal with Aston Martin, Kris Marszalek, Co-Founder and CEO of Crypto.com:
“The fact that a cryptocurrency company can make such a statement and join such a respected brand with such a long history as Aston Martin is a sign that the industry is maturing.”
Aside from using his logo on Aston Martin’s F1 cars during the 17-race season, Marszalek said the crypto exchange wants to leverage the collaboration in promoting other cryptocurrency-related products.
According to Jefferson Slack, commercial director of Aston Martin’s F1 division, the automaker is keen to partner with Crypto.com to gain a better understanding of the cryptocurrency space.
Aston Martin’s manager also announced that the automaker, famous for its role in the James Bond series, is also interested in markets such as non-fungible tokens and payment systems.
In fact, Crypto.com is one of the participants in the expanding debit card scene for cryptocurrencies. Back in May 2020, the company claimed that Visa cards were the most widely used.
Crypto.com’s sponsorship deal with Aston Martin is just the latest example of a cryptocurrency firm partnering with a sports company. From Nascar to the English Premier League, digital currency companies are continuing to expand their commercial presence in organized sport.
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