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Aston Martin & Alfa Romeo Launches Fan Tokens as the First F1 Teams

Racing sports are becoming more Crypto-friendly to accept tokens. Formula One (F1) racing teams Aston Martin and Alfa Romeo reportedly become the first F1 teams to issue fans tokens of crypto on the Socios.com platform.

Two sources reported that fans token are provided by Socios and bought with CHZ, which will start trading on coming Thursday. Tokens’ holders can practice their rights to vote, earn extra VIP rewards and receive exclusive promotions. Also, it is just like other similar tokens. These coins are accepted to trade on the crypto exchanges.

Besides, racing teams can benefit from getting a percentage of commissions by selling each token, with an additional share of trading fees generated from the crypto exchanges, such as Binance.

Fred Vasseur, Alfa Romeo team Principal, welcomed fan tokens. He believed that these tokens provide an opportunity to teams intergrade with their dead-heart fans and offer good income streams for those squads to sign up.

Launching a fan token will provide our growing legion of fans with a new way to interact with the team, which is a key aspect in our quest to bring our followers closer to the team with everything we do.

Jefferson Slack, Aston Martin’s commercial director, also excited about the fans token for the team. “This gives us the best possible opportunity to give our fans a seat at the table and help us to tell our story in a new and exciting way”. Slack said.

The fan tokens are unique as each team can only offer a finite supply that is fungible and would not expire. Supporters can exchange, trade freely.

Regarding the connection between crypto and racing sports, Crypto.com, a Hong-Kong based crypto exchange platform announced early that the company officially sealing in the partnership with Aston Martin, which is considered as the first cryptocurrency platform to partner with the F1 team.

Crypto Supports Formula 1 Racing in Modern Technology , Says Mercedes Lead

With 80% of racing teams in the 2022 Formula 1 (F1) grid featuring at least one crypto sponsor, Mercedes team principal Toto Wolff believes that cryptocurrencies are part of modern technology that cannot be ignored.

Wolff pointed out:

“I think when we are looking back in 10 years’ time having made payments that take two days and can’t be done outside of week hours, it is something that is going to be a relic of the past and this is where cryptocurrency has come in.”

The partnership between Formula 1 and crypto companies was inevitable based on the growth experienced in the cryptocurrency market, according to Wolff.

He added:

“You can’t shut yourself down to modern technology. It is definitely an area that will grow. They have become a major player in the financial world and obviously seek exposure through Formula 1. We all benefit from it but also learn from it.”

F1 is the highest international racing class for open-wheel single-seater formula racing cars, and the Mercedes team faced fierce competition from Red Bull last year. It was a battle of titans between Lewis Hamilton of Mercedes and Max Verstappen of Red Bull.

Wolff also noted that caution should be taken regarding the energy sustainability issue linked to cryptocurrencies. He stated:

“The sustainability argument is extremely important, but it is not only about mining and the energy it consumes but also where the energy comes from.”

The presence of crypto companies in the sporting arena continues to be felt based on the whopping amounts being invested.

For instance, to get more limelight during the annual playoff championship game of the National Football League (NFL) called the Super Bowl, crypto exchange Crypto.com spent $6.5 million on a 30-second ad that featured LeBron James, NBA’s four-time most valuable player (MVP).

Coinbase, a US-based crypto exchange, spent more than double this amount at $14 million for its Super Bowl advertisement.

McLaren Racing Signs a Multi-year Partnership with Crypto Exchange OKX

McLaren Racing, a British motor racing team, has inked a multi-year deal with crypto exchange OKX (formerly OKEx) as the primary partner of McLaren Shadow esports Team and McLaren Formula 1 (F1) Team from this year.

Starting at the 2022 Miami Grand Prix, OKX branding will be incorporated into McLaren MCL36 F1 cars, McLaren Shadow Team Kit, and McLaren F1 Team Kit.

Moreover, the OKX brand will be placed on the helmets of leading McLaren F1 drivers Lando Norris and Daniel Ricciardo.

Zak Brown, the CEO of McLaren Racing, pointed out:

“The first-ever Miami Grand Prix is the perfect occasion for us to launch this significant partnership, through which we will collaborate with OKX to take our fan experience to all new levels.”

Therefore, the strategic partnership will enable OKX to support McLaren’s global fan experience, enabling enthusiasts to enjoy product innovations and exciting opportunities.

Brown welcomed this collaboration and stated:

“We are thrilled to announce this primary partnership with OKX ahead of the Miami GP. In a rapidly evolving field, OKX is a long-established crypto brand that brings innovation, analytics and accuracy to accomplish great things.”

To render more innovation on the OKX platform, Haider Rafique sees the partnership as a stepping stone towards heightened trade execution speeds because this requires ‘pit-like’ team collaboration and instincts.

The chief marketing officer at OKX added:

“The McLaren brand stands for everything that is great about F1. Speed, reliability, and performance are at the core of any top-class crypto trading platform.”

McLaren has been flexing its muscles in the crypto space because it recently entered the metaverse to showcase its luxury hypercars and supercars in NFTs or other digital artworks.

With 80% of racing teams in the 2022 F1 grid featuring at least one crypto sponsor, Mercedes team principal Toto Wolff recently opined that cryptocurrencies are part of modern technology that cannot be ignored.

Singapore Regulator Bans Crypto Ads on F1 Tracks

According to the Wall Street Journal, Singapore’s financial regulator Monetary Authority of Singapore (MAS) told F1 organizers that it would ban Crypto.com ads from appearing on the track.

The Monetary Authority of Singapore (MAS) is Singapore’s Central Bank. The mission of the MAS is to promote sustained non-inflationary economic growth, and a sound and progressive financial center. The MAS has leveraged blockchain technology for its Project Ubin central bank digital currency (CBDC) project.

F1 is the highest international racing class for open-wheel single-seater formula racing cars. Crypto exchange Crypto.com has paid millions to sponsor Formula One.

In the 2022 F1 division, 80% of the teams have at least one crypto sponsor,

The seventeenth race of the 2022 season will be held in Singapore from September 30 to October 2.

The regulator said that Crypto.com ads could appear on teams and apparel, but was not allowed to market cryptocurrency-related ads on the track directly to the general public, as the on-track brand itself is more directly aimed at Singaporeans.

Crypto.com is the first cryptocurrency platform to partner with an F1 team, Aston Martin. Hong Kong-based crypto exchange Crypto.com partnered with the company last year ahead of British carmaker Aston Martin’s 2021 F1 car launch.

Crypto.com has proven to be a unicorn in the cryptocurrency industry. Founded in 2016, it is the world’s first cryptocurrency company to achieve privacy certification (ISO 27701) and PCI:DSS, Level 1 compliance.

Apart from that, Mercedes team principal Toto Wolff, a car brand involved in F1 Racing, believes The partnership between Formula 1 and crypto companies was inevitable based on the growth experienced in the cryptocurrency market.