Crypto.com Becomes a Sponsor of Aston Martin F1 Team

Cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Crypto.com has inked a high-profile sponsorship deal with British luxury car manufacturer, Aston Martin's Formula One team.

First reported by Insider, both the companies signed a multi-year agreement. However, the financial particulars of the deal were not revealed. Additionally, it is not clear how Crypto.com will promote its brand with the F1 team.

“The fact that a cryptocurrency company can go out there and make a statement like this, and align with such a well-respected brand with such a huge tradition as Aston Martin, it makes a statement that the industry is maturing,” Crypto.com CEO, Kris Marszalek, told the publication.

Aston Martin is known for making luxury fast cars and was popularized by the James Bond movie series. The sponsorship deal came at a crucial year as Aston Martin returned to the F1 racing tracks with its own team after a gap of 61 years.

Sports sponsorship within the trading industry has gained massive popularity over the last few years. Many brokerage platforms have become lead sponsors of top football clubs. Now with the rise in digital currency demand, crypto companies are taking the lead in such sponsorships for brand recognition.

Crypto.com signed the major deal at a time when it is witnessing a massive influx of users. According to its data, its userbase touched 10 million last October.

More Than a Sponsorship Deal

Apart from the usual sponsorship, Aston Martin has additional plans to directly engage in crypto with its new partner.

“There's things called NFTs, which is where we want to push this, there's payment systems. We want to be with Crypto.com to understand this space,” said Jefferson Slack, Commercial Managing Director at Aston Martin F1.