Bitcoin-branded IndyCar car to race in IndyCar for the first time

The Ed Carpenter Racing (ECR) team has raised funds to participate in another IndyCar race through Bitcoin donations. To this end, the outfit partnered with Strike, a service from the Zap startup.

As the supply of #Bitcoin is fixed at 21 million with no more to ever be made, Bitcoin will be fixed on @RinusVeeKay’s No. 21 at the #Indy500.https://t.co/ukrj1DxucX pic.twitter.com/X5gnSUZQF5

— Ed Carpenter Racing (@ECRIndy) May 12, 2021

The Rinus VeeKay driver will race on May 30 in the Indianapolis 500, driving a Chevrolet in a livery bearing the symbol of the first cryptocurrency. A QR code for sponsors has been applied to the car’s body.

According to Zap chief executive Jack Mallers, 70% of the contributions are intended to fund Bitcoin development, with the remainder going to ECR and charitable organisations.

Strike wired $100,000 via the QR code, and Mallers personally sent another $25,000. Among other notable sponsors are the $250,000 investor Ross Stevens, founder of NYDIG, American football star Russell Okung, and the host of the What Bitcoin Did podcast, Peter McCormack.

Ed Carpenter, the owner of ECR, told Autoweek that Strike converts the sponsors’ proceeds into fiat currency. “Our suppliers do not currently accept cryptocurrency, so we convert it to US dollars. Obviously, right now I cannot pay my Chevrolet contract in Bitcoin, but that could change in the future,” he said.

IndyCar is the premier open-wheel racing series in North America. It has been run since 1996. The championship was founded under the name Indy Racing League by Tony George, owner of the Indianapolis Motor Speedway, as a cheaper, fully American alternative to the CART series.

Since December 2020, Russell Okung has automatically converted half of his salary into Bitcoin, worth $13 million. He also uses Strike for this purpose.

became a sponsor of the New York Giants of the National Football League (NFL).