Cryptocurrency exchange service Crypto.com has inked a partnership deal with car maker Aston Martin to sponsor the latter’s Formula 1 team.
According to a report by Business Insider, the collaboration is a multiyear sponsorship on the occasion of the British car manufacturer’s return to the F1 circuit in 2021 after a 61-year absence. However, the exact financial details of the sponsorship deal have not been made public.
With the deal in place, Aston Martin’s F1 cars will be emblazoned with the Crypto.com logo, possibly providing significant exposure for the cryptocurrency exchange. According to Autoweek, the average viewing audience for the 2020 F1 season was 87.4 million fans.
As previously reported by Cointelegraph, Crypto.com crossed 5 million users for the first time back in October 2020. The exchange’s customer base has since doubled to 10 million.
Commenting on the significance of the sponsorship deal with Aston Martin, Crypto.com co-founder and CEO Kris Marszalek said:
“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.”
Apart from having its logo on Aston Martin’s F1 cars during the 17-race season, Marszalek said the crypto exchange is looking to leverage the collaboration in promoting other cryptocurrency-related products.
According to Jefferson Slack, commercial managing director of Aston Martin’s F1 division, the carmaker is eager to work with Crypto.com to gain a better understanding of the cryptocurrency space.
The Aston Martin executive also revealed that the carmaker famous for being featured in the James Bond series is also interested in markets like nonfungible tokens and payment systems.
Crypto.com’s sponsorship deal with Aston Martin is only the latest example of a cryptocurrency firm collaborating with a sports enterprise. From Nascar to the English Premier League, digital currency firms continue to expand their commercial footprint in organized sports.