Cassill’s sponsorship deal lasts by means of 19 races. He’ll be paid in Litecoin.
CHARLOTTE, N.C. — Landon Cassill would be the first NASCAR driver paid solely in cryptocurrency in a sponsorship cope with 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 pays 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 willpower on the race observe interprets throughout all the things 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 fee” for the sponsorship however the funds can be distributed in crypto. He stated 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 hold 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 stated.
Cassill stated he is been invested in cryptocurrency for a number of years and seen “vital features” to his private portfolio. He stated he had no hesitation in placing collectively a deal that can pay crypto as a substitute of chilly arduous money.
“There is a handful of drivers which are 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 have been in Miami attending a Bitcoin conference.
“Crypto platforms use quite a lot of social media and group constructing as advertising,” Cassill stated. “The massive firms have not finished quite a lot of nationwide advert campaigns, so for Voyager to go after a nationwide advert marketing campaign is an indication that the house is basically beginning to department out.”