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Crypto.com to bring Crypto to Formula 1 through Partnership with Aston Martin

Hong Kong-based crypto exchange Crypto.com has partnered with Aston Martin Formula 1 team, ahead of the British car maker’s 2021 F1 car launch.

Crypto.com is the first cryptocurrency platform to partner with an F1 team. For the upcoming Formula 1 season, Crypto.com’ s logo will be displayed on Aston Martin F1 racing cars, officially sealing in the partnership. Speaking about the collaboration, co-founder and CEO of Crypto.com Kris Marszalek said:

“We are extremely excited to be partnering with Aston Martin Cognizant Formula One™ Team. There is strong alignment between our brands and the aspirations of our customers. In only four years we have built the world’s most secure and fastest-growing cryptocurrency platform serving more than 10 million customers worldwide.”

The collaboration between the crypto trading platform and the British car manufacturer will involve a multi-year sponsorship deal and comes just as Aston Martin will be re-entering the Formula 1 scene after a 61-year absence.

Through the partnership, Crypto.com’s logo will be featured on Aston Martin F1 cars, providing significant exposure for the crypto trading platform. Marszalek explained that the partnership was significant, as Aston Martin is a well-respected brand. He said that this was a huge statement for the crypto industry and meant that the latter was maturing. Thanks to the partnership, more promotions of cryptocurrency-related products are to be expected.

Lawrence Stroll, Aston Martin F1 team’s chairman, also expressed his delight in partnering up with Crypto.com. He said, “I am very impressed by the vision of the Crypto.com management and the tremendous speed at which their platform is growing. I am sure this partnership will bring a fresh perspective to both our business and introduce both brands to new audiences.”

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.

First Bitcoin Car Heads to the 105th Running of the Indianapolis 500

The world’s first Bitcoin car is ready to race off and go public, demonstrating its power and influence in the world of racing.

Ed Carpenter Racing (ECR) announced Wednesday that the team will enter the No.21 Bitcoin Chevrolet for the race. The Bitcoin Car will race in the Indianapolis 500 on the 30th of this month.

This black racing car, spotted with orange Bitcoin icons, will be driven by Rinus VeeKay, one of ECR’s lead drivers. ECR said that this is the first sponsorship in the history of racing that involves a decentralized entity. Meanwhile, Jack Mallers, the founder of remittance company Strike, welcomed this partnership through his Medium platform. He said he was excited about this opportunity, as it will be meaningful to the development of cryptocurrency. Mallers said:

“Ed chose to race for human freedom, financial literacy, financial inclusivity, savings technology, and Bitcoin open-source development.”

ECR offers a Bitcoin payment option to its staff

This is a non-traditional collaboration for the Indianapolis 500 as the sponsorship will allow the car to be crowdfunded. Through this partnership, Mallers hopes to raise funding for the open-source development of the Bitcoin network, as well as generate donations for the racing car. He proposes allocating 70% to Bitcoin’s open-source development, with the remaining 30% going towards funding the car.

Once the necessary capital is obtained to fund the car, the 30% will be redirected towards a charity focused on providing monetary relief to the Riley Hospital. Attached to the car is a QR code for the donation. Mallers said that he hopes the Bitcoin car will run to “raise awareness about Bitcoin and its open-source development.” As part of the agreement, ECR will also be the first IndyCar team to offer Bitcoin payment options to their staff, allowing for a more flexible and active relationship.

In regards to racing, Crypto.com, a Hong Kong-based crypto exchange platform, partnered with Aston Martin Formula 1 a few months ago, providing exposure for the crypto trading platform through this sponsorship.

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.

Popular British GT Racing Team Launches NFT Platform to Authenticate Car Parts

A British racing team Vincenzo Sospiri Racing (VSR), the GT racing team backed by Lamborghini Squadra Course, announced a new non-fungible token (NFT) certification program that aims to verify (certify) racing car parts.

Vincenzo Sospiri Racing said on Tuesday that it has partnered with the corporate NFT platform, Go2NFT, to launch an official non-fungible token (NFT) certification programme.

The collaboration will first see the two firms develop a pilot initiative to launch the program in the near future.

Vincenzo Sospiri Racing will develop a pilot scheme to enable it to trial Go2NFT technology to certify racing car parts for authentication and auditability.

Once the trial is successfully conducted and satisfied, the GT racing team (through collaboration with Go2NFT) will develop and launch its NFT platform to help authenticate merchandise or other official products, including racing car parts, thus giving supercar fans a secure identification when investing in branded goods. The program aims to instil confidence among fans while purchasing digital branded goods.

The development of the NFT platform marks the beginning of an important long-term partnership with the Lamborghini ecosystem of companies with cars eventually to be shown as original (unduplicated) digital items in the form of NFTs.

The Go2NFT platform, powered by Skey Network blockchain, is a corporate platform that brings the Internet of Things, blockchain, and NFT together to enable future smart cities. The Go2NFT platform technology has already been successfully deployed to enable access to secure buildings and housing developments, to enable seamless access for fire and rescue services in major cities, and to create other smart city projects.

The Go2NFT platform enables brands to use NFT technology to develop their own NFT certification.

Vincenzo Sospiri, the founder of VSR’s GT racing team, talked about the partnership and said: “We have the great privilege to race in some of the greatest motorsport events in the world with one of the world’s most recognized and beloved brands. This also brings great responsibility – to ensure that we can securely authenticate and audit every part of our racing fleet to monitor performance and ensure provenance.”

Sospiri said it is exciting “to pilot with Go2NFT and the renowned team at Skey Network to build NFT certification across our cars and other products to ensure we maintain the very highest standards of quality and control.”

Boris Ejsymont, Chief Business Officer for Go2NFT, also commented that accountability and quality control are major challenges for brands wanting to protect their IP. He said NFT utility can help address the challenges facing most brands, especially in protecting the intellectual property of their products.

“We believe that the NFT utility can help build greater trust and transparency for brands and their fans. This project with VSR is just the beginning of many such collaborations for beloved brands around the world,” Ejsymont said.

VSR’s GT racing team began in 2015 when multiple World Champions, Vincenzo Sospiri, decided to turn his hand to GT (grand tourer) cars. VSR entered two Lamborghini Huracan Super Trofeo cars in the European Championship, alongside Formula 4 programmes.