The Alfa Romeo F1 Team just signed a major sponsorship deal with a Singapore-based crypto platform called Vauld.
This is the latest of many cryptocurrency partnerships in Formula 1, with individual drivers, teams and even Formula 1 as a brand jumping on board the crypto train.
Less than a year ago, Liberty Media – who owns and runs Formula 1 – signed a huge deal with Crypto.com, one of the fastest-growing crypto exchanges.
As for Alfa Romeo, its race car will be proudly carrying the ‘VAULD’ logo on the front wing.
Founded in 2018 in Singapore, Vauld allows users to store, trade, buy and sell cryptocurrencies, and it also provides lending services – allowing you to borrow cash against your crypto holdings – as well as interest-earning services, both on stablecoins and volatile cryptos such as Bitcoin and Ethereum.
Darshan Bathija, CEO and Co-founder of Vauld, said: “Our mission is to accelerate the transition to decentralised money and we’re glad to join forces because it’s a massive step in that direction.”
There may be a few hurdles and speed bumps along the way as regulatory forces are still unsure what to do about crypto, but we’re probably going to have to get used to crypto sponsors as many speculate the crypto space will, among other things, will create the world’s first trillionaire.