Crypto Racing from Paychecks to Prime Sponsorships

In 2021, NASCAR driver Landon Cassill made headlines when he became the first driver paid entirely in crypto through a deal with Voyager Digital. This marked a significant moment in motorsport, blending the high-speed world of racing with the emerging crypto economy. Around the same time, Crypto.com secured a global partnership with Formula 1, eventually becoming the title sponsor of the Miami Grand Prix.

However, the crypto market took a sharp turn in 2022. Voyager Digital and Celsius both filed for bankruptcy in July, freezing customer funds. The collapse of FTX in November further shook the industry, leading to the removal of FTX branding from the Mercedes F1 team's cars. These events highlighted the risks of custodial platforms, emphasizing the importance of self-custody for crypto holders.

Despite these setbacks, crypto sponsorship in racing has rebounded. Kraken became Williams’ crypto partner in 2023 and renewed the deal in 2026, securing prime real estate on the front wing of the 2026 car. OKX partnered with McLaren, and Red Bull shifted from Bybit to Gate.io in 2025. By 2025, crypto and fintech sponsorships in F1 reached approximately $273.6 million across 21 partners, ensuring that crypto logos will remain a staple in the sport for years to come.

For fans curious about crypto, the article offers key advice: know who holds your coins, use escrow for peer-to-peer trades, avoid scams, and remember tax implications. The story of crypto in motorsport serves as a reminder of the industry's volatility and resilience, as well as the importance of due diligence for anyone exploring digital assets.