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Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Why Trust Cryptonews
San Francisco-based Coinbase and UK-based Formula One team Aston Martin Aramco announced a sponsorship agreement on Friday, making Coinbase an official sponsor of the team for the upcoming Formula One season.
The deal is unique for being fully transacted in USDC, a stablecoin pegged to the U.S. dollar, making it the first disclosed F1 partnership paid entirely in digital currency.
Coinbase’s Branding Takes the Fast Lane on Aston Martin F1’s AMR25 Race Car
The deal makes Coinbase the official sponsor of Aston Martin’s F1 team for the 75th Formula One World Championship season.
As part of the agreement, Coinbase branding will appear on key parts of the AMR25 race car, including the halo and rear-wing end plates, and on the racing suits of drivers Fernando Alonso and Lance Stroll throughout the season.
According to Gary Sun, Coinbase’s Vice President of Marketing, Aston Martin chose to receive the payment in USDC.
The company cited the benefits of stablecoins, such as lower transaction costs and borderless payments.
While this sponsorship enhances Coinbase’s visibility in global motorsports, Aston Martin F1 is also exploring on-chain fan engagement opportunities, indicating a broader push toward blockchain-based interactions with its audience.
Jefferson Slack, Managing Director of Commercial at Aston Martin Aramco, emphasized the significance of the deal:
“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.”
Crypto in Formula One: A Growing Trend Among Top Teams
Coinbase has made its mark in Formula One, joining a growing list of crypto-related sports sponsors. While crypto sponsorships are new to F1, they have been expanding for years.
Crypto.com set the pace in June 2021 with a multi-year F1 deal, later securing a $100 million, nine-year agreement in February 2022. In December 2024, the company deepened its ties by extending its sponsorship and cementing its branding at the Miami Grand Prix.
Beyond league-wide deals, specific teams have also embraced crypto partnerships.
Red Bull Racing also teamed up with SUI (2023), Bybit (2022), and Mysten Labs (2023) for NFT and blockchain-based fan engagement.
Mercedes-AMG Petronas initially partnered with FTX in 2021 but severed ties in 2022 after the exchange collapsed.
Meanwhile, McLaren Racing and Williams Racing aligned with Tezos, OKX, and Kraken in various crypto initiatives.
Coinbase’s latest F1 deal directly competes with Crypto.com, which has aggressively expanded its sports branding, including a $700 million naming rights deal for the LA Lakers’ arena.
Coinbase, too, has been growing its presence, securing sponsorships with the Golden State Warriors and the LA Clippers.
Beyond sponsorships, Coinbase reported strong financial performance in Q4, surpassing profit expectations.
The company recorded $1.3 billion in net income ($4.68 per share), a massive jump from the previous year’s $273 million ($1.04 per share).
Revenue soared to $2.3 billion, with transaction revenue hitting $1.56 billion—far exceeding projections.
Despite efforts to diversify revenue, trading still made up 68.5% of total earnings, fueled by heightened retail activity.
Stablecoin revenue dipped 9% quarter-over-quarter to $226 million but climbed 31% year-over-year to $910 million, with USDC emerging as the fastest-growing major stablecoin in 2024.
Looking ahead, both Coinbase and Aston Martin Aramco may benefit from the global visibility this sponsorship brings, especially as digital currencies continue to evolve.
With stablecoin transactions positioning themselves at the intersection of finance and sports, the partnership could open doors for new on-chain engagements.
While competition in Formula One—and in crypto sponsorships—remains intense, this alliance shows how traditional sports and blockchain-based platforms can collaborate to offer fresh experiences for fans and investors alike.
