Key Notes

Key Notes:

Coinbase branding will feature prominently on AMR25 race car and driver suits, while Aston Martin explores onchain fan engagement initiatives.The partnership signals growing crypto adoption in motorsports, following earlier ventures like Bybit’s alliance with Red Bull Racing.Parallel to F1 expansion, Coinbase pursues strategic re-entry into India’s market amid evolving cryptocurrency regulations and policy changes.

Aston Martin Aramco Formula One Team has inked a multi-year partnership with Coinbase Global Inc. (NASDAQ: COIN), the American cryptocurrency exchange. Under the terms of this collaboration, the digital asset service provider is now the company’s official crypto partner.

This new deal, which marks Coinbase’s debut in Formula One, will be fully paid in USDC, a United States dollar-pegged stablecoin.

This may be the first time a Formula One Team explicitly admits to receiving stablecoin as full payment for a partnership. The deal will go a long way toward demonstrating Coinbase’s role in showcasing crypto as a tool for greater economic freedom.

As part of the partnership, the branding of the American cryptocurrency exchange will be on display on the halo and rear-wing end plates of the AMR25 race car. Coinbase branding will also be put on the racing suits of drivers Fernando Alonso and Lance Stroll throughout the season. On Aston Martin Aramco’s part, it will explore the concept of bringing fan engagement opportunities onchain.

Jefferson Slack, Managing Director of Commercial at Aston Martin Aramco Formula One Team, emphasized the significance of conducting the partnership deal entirely in USDC.

“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,” he noted.

Meanwhile, competitors like Bybit have pioneered the Formula One partnership trend. The exchange inked a partnership with F1 Red Bull Racing in February 2022.

Apart from this alliance with this Formula One team, Coinbase is decisively finding its way back to India.

The exchange left the Asian country three years ago because of the lack of a formal crypto regulatory framework. It packed up three days after the company launched services in April of that year, supporting the country’s widely used Unified Payments Interface (UPI) system.

Coinbase operations in India came to a screeching halt after the National Payments Corporation of India (NPCI), which oversees UPI, failed to acknowledge the exchange’s existence. This was also the case with many other crypto firms in India.

However, Binance’s successful re-entry into the region has set a precedent for Coinbase and others.

India’s stance on cryptocurrencies has continued to evolve, largely due to global regulatory shifts and recent policy changes in the US. The Brian Armstrong-led firm is engaging with Indian authorities, including the Financial Intelligence Unit (FIU), to secure the necessary approvals for its re-entry.

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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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