Aston Martin F1 Team Partners with Coinbase in Multi-Year USDC Deal
Aston Martin Aramco Formula One Team has partnered with Coinbase Global Inc (NASDAQ: COIN), making Coinbase the team's official crypto partner. The deal is notable as it marks Coinbase's first involvement in Formula One, with payments made entirely in USDC, a stablecoin tied to the US dollar.
Key Aspects of the Partnership
- Coinbase branding will appear on the AMR25 race car and drivers' racing suits.
- Aston Martin aims to explore fan engagement opportunities through blockchain technology.
- Managing Director Jefferson Slack highlighted the significance of the transaction being completed in USDC.
Competitor Bybit previously entered the F1 partnership space with Red Bull Racing in February 2022.
Coinbase's Re-entry into India
Coinbase is also seeking to return to India after leaving three years ago due to regulatory challenges. The exchange suspended operations shortly after launching services supporting India's Unified Payments Interface (UPI) system.
- India's evolving stance on cryptocurrencies may facilitate Coinbase's re-entry.
- Coinbase is in discussions with Indian authorities, including the Financial Intelligence Unit (FIU), for necessary approvals.
- Binance's successful return to India sets a precedent for Coinbase.