Hong Kong-headquartered crypto platform Crypto.com has signed a multi-year deal to sponsor Aston Martin Cognizant Formula One Team, becoming its Official Global Partner - to "work together" on crypto-related products connected to payment systems and non-fungible tokens (NFTs).
Neither team discloses the value of the sponsorship deal.
"Over the course of the multi-year deal, the brands will collaborate to bring exclusive experiences and opportunities to traders and fans of the sport," stated Aston Martin's Formula One team in the press release.
It's not yet clear what the two groups will be working on exactly, but there may be some indications.
Per Insider, Aston Martin F1's commercial managing director Jefferson Slack said that they aim to position themselves "at the forefront of innovation and technology," therefore also signing a sponsorship deal with American IT firm Cognizant - hence the official name. Slack reportedly suggested that the Crypto.com deal will not only result in its branding emblazoned on the car, but that they are also "planning to work together on products in the crypto space."
Furthermore, Slack was quoted as saying: "There are things called NFTs, which is where we want to push this, there are payment systems. We want to be with Crypto.com to understand this space."
He added in the press release that the partnership with Crypto.com puts Aston Martin Cognizant Formula One Team "at the forefront of the boom in cryptocurrency and blockchain technology."
Lawrence Stroll, Executive Chairman at the F1 team, said he's sure the partnership will "bring a fresh perspective to both our businesses and introduce both brands to new audiences," adding that it "shows we are also a very modern team."
Cryptonews.com contacted Crypto.com for comment.
Besides its app, the company, which was founded in 2016, also runs an exchange, a Visa card, and a decentralized finance (DeFi) wallet. As reported, the company claims it now has 10 million users, up from 5 million, a number it reached just four months ago. It is now expecting to reach the 100 million user mark by 2023.
British luxury sports car maker Aston Martin will return to Grand Prix racing in 2021 after 61 years away from Formula One, set to unveil its car on Wednesday. The mission, said the team, is "to use the global platform of motorsport to engage a new wave of fans, showcasing the technology and innovation which live at our core while representing the values that resonate with the changing world in which we live."
Meanwhile, per F1's CEO Stefano Domenicali, the average F1 audience in 2020 numbered 87.4m and a total season cumulative audience reached 1.5bn, so this deal has the potential to provide major exposure for Crypto.com.
At 9:13 UTC Tuesday morning, CRO, the native token of Crypto.com, is up 5% in the last day, trading at the price of USD 0.15. It's down 2% in a week, as well as up 137% in a month and 180% in a year. Learn more: - Crypto.com Aiming to Hit 100 million User Target by 2023 as CRO Surges - Crypto.com's CRO Doubles On Sudden Massive Burn News - Crypto Companies Want to Run Onto Football Field - Another Crypto Startup Targets the Public With New Fear-busting Mascot - Alec Baldwin Hired by eToro, but Baldwins are Not New to Crypto