Cryptocurrencies are now running in the fast lane.
Brandonbilt Motorsports' #86 race car driven by Brandon Brown and competing in the NASCAR Xfinity Series has entered into an agreement for a full sponsorship using virtual currency on the blockchain. The other party to the deal is CONO, a cryptocurrency and a blockchain trading desk for virtual currencies.
The trade is believed to be the industry’s first of this kind, CONO and Brandonbilt Motorsports said in a joint statement on Wednesday.
Jerry Brown, owner of Brandonbilt Motorsports and father of Brandon Brown, commented:
"The partnership between Brandon's #86 and CONO brought extra benefits. Tony Loiacono brought Brandonbilt cross-promotional partners including True Timber, BrioTV, and The Dan Marino Foundation."
To further enhance the value of this partnership, CONO.io has joined forces with Kappa Live to bring proprietary technology for broadcasting “video-on-demand, LIVE, over-the-air, over-the-top and social media content at and around” the NASCAR festivities this coming weekend.
CONO founder Tony Loiacono added:
"At NASCAR, technology is rounding a new corner, a corner where the blockchain, peer to peer edge-of-the-cloud distribution and tokenomics intersect. One example coming is to reward fans for watching and/or sharing content while learning more about #blockchain technologies."
Also on Wednesday, Loiacono announced the launch of the CONO Exchange, which he claims “is revolutionizing the cryptocurrency and value asset industry by providing a new marketplace, a new coin, a new trading pair, a new way for people to pay and get paid.”
Another key player in the deal is Dealbox, a company providing various solutions to emerging blockchain enterprises, including capital markets advisory, tokenization, tokenomics, token architecture, marketing and best practices, and compliance.
DealBox founder and CEO Thomas Carter said:
"We are excited to work with Kappa Live and CONO.io, Loiacono has been a long-time pioneer in both broadcast media and in virtual currencies. Now for Dealbox, with over 130,000 registered users it's going to great to see both of these companies accelerate even faster toward the finish line."
Josh Wise is first NASCAR driver to receive cryptocurrency
In 2014, Josh Wise became the first NASCAR driver to receive cryptocurrency from a sponsor. Open source peer-to-peer digital currency Dogecoin donated $55,000 worth of its virtual money to Wise, cementing its reputation in sporting circles after making several unorthodox sponsorship choices.