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Crypto Avalanche to Title Sponsor of Andretti Formula E Team in New Deal

It’s unclear if Avalanche plans to eventually expand to several other Andretti teams in motorsport.ANDRETTI AUTOSPORT

Andretti Autosport has landed the crypto platform Avalanche as the new title sponsor of its Formula E team, helping to introduce the blockchain industry further into the racing world. The deal is announced this morning with specific undisclosed terms, and the parties are only initially announcing the partnership with Formula E, so it’s unclear whether Avalanche plans to eventually expand to several other teams in Andretti in motorsport. However, the parties said that a traditional fee in US dollars is paid to Andretti, and that Andretti will also now have the ability to accept corporate sponsorship payments in cryptocurrency, specifically the AVAX token operated by Avalanche, giving the team a new avenue to try and find funding. The name of the team will be Avalanche Andretti Formula E Team.

THE F1 CHASE STILL ON: The team’s former title sponsor was BMW, which left FE as a manufacturer after last season. Andretti also has teams in IndyCar, Sportscars and Australian Supercars – but the company has been in global headlines in recent weeks due to its pursuit of the Alfa Romeo Racing F1 team acquisition, a deal which is still ongoing but not ready to be announced. Avalanche is a smart contract platform owned by decentralized finance company Ava Labs. Among those who helped set up the deal were Andretti chief commercial officer Doug Bresnahan, team owner Michael Andretti and Ava Labs president John Wu. Formula E is the global racing series of electric cars which begins its eighth season in January with a race in Saudi Arabia.

#Crypto #Avalanche #Title #Sponsor #Andretti #Formula #Team #Deal

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