CHARLOTTE, N.C. (AP) — Landon Cassill would be the first NASCAR driver paid completely in cryptocurrency in a sponsorship take care of Voyager that begins at Nashville Superspeedway this weekend.
Voyager, a cryptocurrency brokerage platform, reached a 19-race deal to sponsor Cassill within the Xfinity Collection in his JD Motorsports entry. Voyager can pay the funds in Litecoin to Cassill, who has been avid out there for a number of years.
Cassill first met Voyager CEO Steve Ehrlich at a crypto convention two years in the past when Cassill was talking on a panel. He’d been pitching the sponsorship concept ever since.
“Landon Cassill’s focus and willpower on the race monitor interprets throughout every little thing he does,” mentioned Ehrlich. “Landon additionally shares our imaginative and prescient of widespread crypto adoption, and we’re proud to be the primary firm to safe a main NASCAR sponsorship fully with crypto.”
Cassill mentioned Voyager is paying “market price” for the sponsorship however the funds shall be distributed in crypto. He mentioned the cost is a “portfolio of digital belongings” that features Litecoin and Bitcoin priced at market charges.
“I can commerce it out instantly earlier than the market modifications or grasp on to it because the market goes up or goes down, carve out a bit of bit, pay my payments with it and maintain the remainder,” he mentioned.
Cassill mentioned he’s been invested in cryptocurrency for a number of years and seen “vital beneficial properties” to his private portfolio. He mentioned he had no hesitation in placing collectively a deal that may pay crypto as an alternative of chilly onerous money.
“There’s a handful of drivers which can be into crypto, however I’m in all probability one which’s been in it for lengthy sufficient that’s I’m fairly snug with the way it works,” Cassill mentioned.
The crypto market is simply starting to hit motorsports and Bitcoin had a high-profile debut on the Indianapolis 500 as the first sponsor for Rinus VeeKay. The weekend after the IndyCar race, VeeKay, Conor Daly and Ed Carpenter have been in Miami attending a Bitcoin conference.
“Crypto platforms use a number of social media and neighborhood constructing as advertising,” Cassill mentioned. “The massive firms haven’t performed a number of nationwide advert campaigns, so for Voyager to go after a nationwide advert marketing campaign is an indication that the house is admittedly beginning to department out.”
Extra AP auto racing: https://apnews.com/hub/auto-racing and https://twitter.com/AP_Sports
Copyright © 2021 . All rights reserved. This web site isn’t supposed for customers situated throughout the European Financial Space.