LONDON - Aston Martin claimed a Formula One first on Friday in announcing a multi-year sponsorship with Coinbase paid entirely in cryptocurrency.

The exchange platform has become the team's official crypto partner.

Aston Martin said the sponsorship, whose terms were not disclosed, would be paid to the team in USDC pegged 1:1 with the US dollar.

"This marks the first time any Formula One team has publicly announced the full payment of a partnership with a stablecoin like USDC," it added.

Formula One teams have a number of cryptocurrency sponsorships, with crypto.com an official partner of the Liberty Media-owned sport.