Coinbase is making a bet on something new: Formula One.

‍What’s happening:‍

• Coinbase (NASDAQ: COIN) has announced they will become the official sponsor of the Aston Martin Formula One team
  

Why it matters:‍

• This is the first time ever that Coinbase has sponsored a Formula One team, which has been something other digital asset exchanges such as Crypto.com have been an early mover on
  

Going deeper:‍

• The new deal between Coinbase and the Aston Martin Formula One team will be paid entirely in USDC instead of fiat currency
  
• Aston Martin has publicly stated they also plan to explore different ways to collaborate with Coinbase, including potential ways to help bring fans into digital assets and blockchain technology
  

The fine print:‍

• Currently, the financial terms of the deal between Coinbase and Aston Martin have not been disclosed

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