The Aston Martin Formula One team has announced a partnership with Crypto.com in order to enable cryptocurrency payments for merchandise on its online store. In its official statement, the AMF1 said, “today’s announcement also means that AMF1’s online store becomes the first official F1 merchandise outlet to accept cryptocurrency payments.”
The decision to enable crypto payments on the team’s online store was undertaken by AMF1 and its e-commerce partner Cube Partnership Ltd, which boasts a database of 50 million users.
Commenting on the development, Matt Chapman, head of licensing and merchandise for AMF1 said, “We are constantly exploring the digital landscape, so it’s hugely satisfying to be able to take this step into the crypto payment world with both Crypto.com and Cube.”
Speaking about AMF1’s decision to move into crypto, Chapman said: “We really want to be able to provide our fans and customers with every possible convenience in terms of their user journey – and adopting a cryptocurrency payment option felt like a natural next step.”
“What’s most important is that it’s all been integrated seamlessly into the website, so it’s easy, efficient and effortless to make the choice at checkout,” Chapman added.
Crypto Payment Option a Natural Next Step
With over 10 million customers, Crypto.com states its mission as being “to accelerate the world’s transition to cryptocurrency, and a huge part of that is being able to give more customers and merchants purchasing power using cryptocurrency.”
Steven Kalifowitz, chief marketing officer of Crypto.com said, “Our partnership with AMF1 is the perfect case in point, proving just how versatile crypto payments have become.” He continued, “We’re excited to continue our work with AMF1 and to further enable the use of cryptocurrency as a payment method in all situations.”
Crypto.com claims to be the world’s fastest growing crypto app, offering a range of services such as a crypto exchange, Visa (NYSE:V) cards, and DeFi wallets.
Chris Bailes, trading director at Cube, commented: “Our collaboration with AMF1’s global partner, Crypto.com, enables us to dive into the cryptocurrency world in the best way possible, enhancing the customer journey and offering more choices at the checkout.” He went on to say that “cryptocurrency is a seamless way for consumers to pay online and is a popular form of payment for those who grew up in the digital age.”
On the Flipside
- Formula One previously broke ground with crypto when it entered into a $100M global sponsorship deal with Crypto.com in June 2021.
Why You Should Care
The acceptance of crypto payments in the racing space is a demonstration of blockhain technology’s expanding presence, and the range of sectors becoming accustomed to it.
For more information on Formula One’s exploration into crypto, check out:
Formula 1® announce Crypto.com as Global Partner and Inaugural partner of the F1 ‘Sprint’ series
Formula 1 and Crypto: Why Do They Get Along?