Motor racing-Aston Martin claim F1 first with sponsorship paid in crypto

FILE PHOTO: Formula One F1 - Abu Dhabi Grand Prix - Yas Marina Circuit, Abu Dhabi, United Arab Emirates - December 6, 2024 Aston Martin's Fernando Alonso during practice REUTERS/Hamad I Mohammed/File Photo

LONDON (Reuters) - Aston Martin claimed a Formula One first on Friday in announcing a multi-year sponsorship with Coinbase paid entirely in cryptocurrency.

The exchange platform has become the team's official crypto partner.

Aston Martin said the sponsorship, whose terms were not disclosed, would be paid to the team in USDC pegged 1:1 with the U.S. dollar.

"This marks the first time any Formula One team has publicly announced the full payment of a partnership with a stablecoin like USDC," it added.

Formula One teams have a number of cryptocurrency sponsorships, with crypto.com an official partner of the Liberty Media-owned sport.

(Reporting by Alan Baldwin, editing by Pritha Sarkar)