Devlin DeFrancesco became the first IndyCar Series driver to be paid in cryptocurrency Ethereum (ETH).
DeFrancesco signed a sponsorship contract with the Canadian cryptocurrency exchange Bitbuy. Under the terms of the agreement, the trading platform will not only pay Devlin’s team for advertising their service, but also transfer to him in ETH income received from participating in the Honda Indy Toronto races.
Almost every athlete interested in digital assets has chosen bitcoin as a means of payment. DeFrancesco was the exception to the rule, opting for Ethereum.
I believe in the potential and strength of Ethereum in the long run. I hope Bitbuy’s investment in our team pays off, as well as my investment in ETH,” DeFrancesco explained his decision.
Ethereum has stabilized in a range above $1,900 and is fluctuating within a shrinking triangle. This is a bearish pattern, hence there is still a high probability of the cryptocurrency’s value declining in the market. As such, Devlin is taking a risk by getting paid in ETH.