CHARLOTTE, N.C. — Landon Cassill would be the first NASCAR driver paid totally 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 available in the market 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 thought ever since.
“Landon Cassill’s focus and dedication on the race observe interprets throughout every part he does,” stated 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 utterly with crypto.”
Cassill stated Voyager is paying “market price” for the sponsorship however the funds will probably be distributed in crypto. He stated the fee is a “portfolio of digital property” that features Litecoin and Bitcoin priced at market charges.
“I can commerce it out straight away earlier than the market modifications or dangle on to it because the market goes up or goes down, carve out a little bit bit, pay my payments with it and maintain the remaining,” he stated.
Cassill stated he is been invested in cryptocurrency for a number of years and seen “vital beneficial properties” to his private portfolio. He stated he had no hesitation in placing collectively a deal that may pay crypto as an alternative of chilly arduous money.
“There is a handful of drivers which might be into crypto, however I am most likely one which’s been in it for lengthy sufficient that is I am fairly snug with the way it works,” Cassill stated.
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 had been in Miami attending a Bitcoin conference.
“Crypto platforms use a variety of social media and neighborhood constructing as advertising,” Cassill stated. “The massive corporations have not achieved a variety of nationwide advert campaigns, so for Voyager to go after a nationwide advert marketing campaign is an indication that the house is absolutely beginning to department out.”