The deal is notable for being fully transacted in USDC (USDC), a stablecoin pegged to the U.S. dollar. This is the first time a Formula One team has disclosed receiving full payment for a partnership in stablecoin.
Aston Martin Aramco Formula One Team announced a multi-year partnership with Coinbase on Monday, to mark Coinbase's debut in Formula One.
The deal is significant as it is being transacted fully in USDC (USD Coin), a stablecoin pegged to the U.S. dollar, marking the first time a Formula One team has disclosed receiving full payment for a partnership in stablecoin.
Coinbase branding will be featured on the halo and rear-wing end plates of the AMR25 race car, and on the racing suits of drivers Fernando Alonso and Lance Stroll throughout the season.
The partnership aims to promote Coinbase's mission of driving global crypto adoption and economic freedom. Aston Martin Aramco will also explore onchain fan engagement opportunities.
This will be a season to remember.
See you at the track @AstonMartinF1 pic.twitter.com/0egkFZ0WxE
Jefferson Slack, Managing Director of Commercial at Aston Martin Aramco, highlighted the innovative nature of the deal.
“This partnership shows the trust and confidence we place in Coinbase’s expertise as a leader in digital finance. By transacting this deal fully in USDC, we’re signalling our commitment to innovation, building a sustainable, forward-thinking relationship with Coinbase.”
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