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Motorsports Are Opening Their Arms To Cryptocurrencies, And Here's How

NEWS STORY
10/08/2018

It's no secret by now that cryptocurrencies are quickly becoming more and more widely recognised in the public eye.

While not every passerby will understand quite what these digital coins do and what they can be used for, the term 'bitcoin' is certainly one that is being thrown around far more widely as news sites and social media improve the spread of information. Social trading platforms, sports sponsorships and more are all helping to increase awareness and make cryptocurrencies much more accessible as a concept. With this in mind, it's no surprise that motorsports are starting to open up to cryptocurrencies too. Here, we're taking a look at just how they're doing exactly that.

Sponsorships

Sponsorships and deals within any sport are a great way for brands to make their mark in a particular industry and in terms of cryptocurrencies, they've been gradually working their way into them all. Lately, however, all crypto eyes have been on NASCAR teams. As early as 2014, a new coin had claimed that NASCAR was particularly agreeable as a market in which it would be welcome and since then, it's certainly proven time and time again that this is the case. Nikola Tesla Unite has made a deal with Alianza Motorsports with NIKO coin and a NASCAR team were even given a cryptocurrency sponsorship by a brand new coin called Cono.

While these sponsorships and deals might be risky for NASCAR, the fact that such a big group are taking steps towards this market is a huge sign of potential change in and of itself. Whether these sponsorships will prove beneficial in the future has yet to be seen, but with more and more teams seeming to be accepting cryptocurrency payments, it could be a promising one.

Payments

While motorsports haven't quite gotten to the point where they are accepting payments via cryptocurrencies quite yet, there are a number of luxury car sales locations that are beginning to open their arms to Bitcoin in particular as a potential payment option. Stephen James BMW, for example, is a licensed BMW dealer and has begun accepting Bitcoins for their cars. While there are very few racing brands ready to sell their track-ready cars for cryptocurrency, the acceptance of payments via Bitcoin and other cryptocurrencies could soon work its way into the automotive industry as a whole on a larger scale.

Buying Cars

We'll admit, this one is a bit of a shot in the dark but on August 3rd 2017, CoinTelegraph reported that a London Art Dealer had launched an exchange hailed to be the “first luxury cryptocurrency exchange” in which car enthusiasts could get their hands on luxury cars - particularly F1 models through a partnership with Heritage F1. This exchange was designed to enable dealerships and brands offering luxury products and services to better open their arms to new markets and prospective customers by accepting this modern payment option.

Motorsports aren't the only sport to be opening their arms to these digital coins, but they're certainly proving to be some of the most enthusiastic contenders. Whether through sponsorships, or the simple sale of cars to luxury buyers, cryptocurrencies are working their way into the motorsports industry and we're excited to see where it could go next.

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