Crypto.com signs first-of-its-kind F1 sponsorship deal with Aston Martin
Aston Martin has signed a multi-year sponsorship deal with cryptocurrency platform Crypto.com.
The luxury car manufacturer launches its 2021 Formula One car today, under the name “Cognizant”. It has set the date for its racing debut in Bahrain later this month. The firm will be returning to Grand Prix racing after more than 60 years.
Executives want Aston Martin to be “at the forefront of the boom in cryptocurrency and blockchain technology”
Kris Marszalek, Crypto.com’s co-founder and CEO, says it’s “the first cryptocurrency platform to be sponsoring an F1 team”.
Both firms say in a statement they will “collaborate to bring exclusive experiences and opportunities to traders and fans of the sport”.
Aston Martin at “forefront” of crypto boom
Lawrence Stroll, chairman for the new Aston Martin car, says he’s “very impressed by the vision of the Crypto.com management and the tremendous speed at which their platform is growing”.
To date, Crypto.com claims to have more than ten million customers globally. Its offerings include a crypto exchange, a card to spend cryptocurrency as well as earn up to 8% cashback, and its DeFi Wallet – where users can swap and farm certain coins.
“I am sure this partnership will […] introduce both brands to new audiences,” Stroll adds.
His colleague, Jefferson Slack – the new car’s marketing director, wants Aston Martin to be “at the forefront of the boom in cryptocurrency and blockchain technology”.
“It is an industry that is fast becoming mainstream and it is hugely exciting that we [lead] the way in this important sector.”
Everyone’s getting in on it
Other industries are also getting into crypto. Damien Hirst, one of the UK’s richest artists, has started selling physical prints for $3,000 worth of Bitcoin or Ethereum. “I love art and I love the crypto world,” Hirst says on his website. “And I am happy and proud to put my belief into Bitcoin and Ether.”
At time of writing, Bitcoin’s price stood at $50,655.07, having hit lows of around $18,700 in early December. That means the price has close to tripled (2.7 times) in just three months.
Sergey Nazarov, co-founder of global blockchain project Chainlink, told Reuters at the beginning of 2021 “it’s very likely that the asset will eventually pass $100,000 per coin”.
“People have been steadily losing faith in their government currencies for years, and the monetary policies resulting from the economic impact of the coronavirus have only accelerated this decline.”
Last month, America’s oldest bank – BNY Mellon – announced plans to finance cryptocurrencies later this year. It claims to be “the first global bank to announce plans to provide an integrated service for digital assets”.
The same month, billionaire chief executive of electric car-maker Tesla, Elon Musk, purchased $1.5 billion of the cryptocurrency last month – off which he’s already made a $1 billion profit.
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