- Cryptocurrency platform Crypto.com has signed a multi-year deal to sponsor Aston Martin’s Formula One team.
- Crypto.com and Aston Martin plan to work together on products in the crypto space.
- This partnership highlights the growing power of cryptocurrency platforms as interest in Bitcoin and other crypto have surged.
According to the announcement, the cryptocurrency market‘s fast growth has attracted British luxury automaker Aston Martin. Famous for making James Bond’s cars, the company is making a comeback with F1 in 2021. Interestingly, this marks a gap of 61 years.
The brands did not disclose the amount of the partnership deal. Instead, they have proposed to work mutually on products in the crypto space.
Crypto.com has seen a growth in users since the price of digital assets such as Bitcoin have risen. The exchange and payment company’s customer base has almost doubled to 10 million since October.
Crypto.com 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.
Aston Martin F1’s commercial managing director Jefferson Slack also said the team is trying to place itself “at the forefront of innovation and technology.” Prior, it also signed a headline sponsorship agreement with American IT firm Cognizant. Hence, they will now be called Aston Martin Cognizant Formula One.
For Crypto.com, the deal offers significant brand exposure, with 87.4 million viewers tuning into F1 races on average in 2020.
Slack said the tie-up would not just see Crypto.com’s branding advertised on the car. He said the groups are also proposing to work together on products in the crypto space.
Specifically, Aston Martin will explore NFTs and blockchain-based payment systems. But also, they plan to be with Crypto.com to understand this space. An NFT is a non-fungible token, which is a crypto asset that can operate as a collector’s item.
As per the announcement, Aston Martin F1 will formally launch its team on Wednesday in an online event that will reveal its colors and car design. It was created out of Racing Point F1 team’s rebrand after Racing Point owner Lawrence Stroll took a 16.7% stake in Aston Martin.
The team boasts four-time world champion Sebastian Vettel as one of its drivers for Aston Martin’s first season as its team since 1960, as well as Lance Stroll, Lawrence’s son. Aston Martin previously sponsored Red Bull F1, although it did not have its team back then.