Coinbase has unveiled a partnership with Formula One team Aston Martin Aramco, adding to the list of the crypto exchange’s brand expansion aimed at promoting crypto adoption.
Coinbase Leads With F1 USDC Sponsorship
In a blog post on February 14, Coinbase announced its latest strategic deal with the Aston Martin Aramco which will allow the American exchange service as the exclusive crypto partner for the reputable Formula One racing team.
While the financial details of the partnership remain private, Coinbase has shared that its investment will be entirely paid in the USDC stablecoin, thereby directly onboarding Aston Martin Aramco as a client on Coinbase Prime.
As part of his sponsorship deal, the Coinbase brand will be displayed on the halo and red wing end plate of Aston Martin’s AMR25 and the racing suits of drivers Fernando Alonso and Lance Stroll for the season.
Commenting on this deal, Jefferson Slack, managing director of Commercial at Aston Martin Aramco, shows satisfaction on the novel terms of this stablecoin-sponsored partnership.Â
Slack said:
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 signaling our commitment to innovation, building a sustainable, forward-thinking relationship with Coinbase
With this recent announcement, the American exchange joins a host of other crypto firms in Formula One. These include Crypto.com, Kraken, OKX, Bybit, Tezos, etc.
Brand Expansion ContinuesÂ
Following its partnership with Aston Martin Aramco, Coinbase widens its affiliations with companies across different sectors to promote mainstream crypto adoption. These include payment processing company Stripe, Borussia Dortmund Football Club, and the Canadian Football League.
Interestingly, Bloomberg journalist Yueqi Yang reports that Coinbase is also in discussion with multiple large US banks looking to venture into crypto trading. The crypto exchange is reportedly offering to serve as custody and trading partner for these banks which allegedly include Citi, Goldman Sachs, State Street, and BNY. However, Yang indicates this is potentially long-term development as these Wall Street Titans will be required to obtain regulatory clearance from the banking regulators.
Amidst this positive expansion, Coinbase remains in court battling multiple cases. Most notably, the American exchange is currently processing an intercultural appeal in its case with the US Securities and Exchange Commission (SEC) that seeks clarification on applying the Howey Test to digital assets.
At press time, the total crypto market cap remains valued at $3.2 trillion following a 1.71% gain in the past day.
