Bitcoin Crowdfunder Aims to Sponsor Formula Masters Driver

Crowdfunding platform CryptoMex launches a historic campaign to promote bitcoin and pave new avenues to sports sponsorship.

AccessTimeIconJun 1, 2014 at 1:20 p.m. UTC
Updated Sep 11, 2021 at 10:50 a.m. UTC

Another effort aims to win hearts and minds for digital currencies through motor sports, with a crowdfunding campaign to sponsor Hong Kong-based British Formula Masters driver Dan Wells.

This follows the bitcoin/Diamond Circle branding of Isle of Man TT superbike rider David Johnson in last week's event, and the recent dogecoin NASCAR sponsorship that proved the concept could be successful.

If all goes well this time, the bitcoin logo on Wells' livery will debut at his race on 18th July race in South Korea.

Wells, 23, has been adept at using technology and social media to build his career and keep fans updated, with an active blog and Facebook page as well as over 16,500 posts on his @danwellsracing Twitter account.

He has also launched previous successful crowdfunding campaigns on GoFundMe in the past, raising over €14,000 from over 150 supporters. This is his first foray into bitcoin.

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Screen Shot 2014-06-01 at 8.53.05 PM

Passion for racing and economics

Wells said bitcoin holds promise for up-and-coming sportspeople to find sponsorship and connect with fans:

"This partnership is exciting and innovative and I am delighted to add bitcoin as another method for sponsors and investors to invest and support my career in motorsport ... Before my racing career, one of my passions was economics so this has always been an interest and it is great to be involved in such an innovative project ... Both my race car and bitcoin are technology based and therefore I welcome the opportunity provided by David Shin of CryptoMex to be associated with the bitcoin community".

Bitcoin crowdfunding platform CryptoMex is managing the new Formula Masters initiative in cooperation with Wells' own company Dan Wells Investors.

CryptoMex, also based in Hong Kong, allows companies seeking financing to raise bitcoin through an offering process.

In addition, the company wants to be the gateway that bridges the large pool of backers – the 'crowd' – and entrepreneurs from East and West, particularly in strategic locations like Europe, the US and China.

David Shin, CryptoMex founder, added:

"I am delighted that Dan Wells will be promoting bitcoin and He is a testament to the innovation, hard work, and ingenuity that provides new opportunities in this world, and we look forward to working together in the motorsport and business community to develop this platform to greater heights ... I am sure it will be a winning season for Dan Wells and his backers both on track and off."

Crowdfunding for companies

As well as crowdfunding, CryptoMex has its own kind of share market, where backers can receive 'Profit Units' in companies or projects they support, that pay rewards in bitcoin depending on success and can be traded.

Since Wells' fundraiser is donation-based rather than a profit-seeking business, however, CryptoMex is disabling the profit unit trading function this time.

The new bitcoin-based campaign contributors can choose to buy 'units' on CryptoMex or simply donate to a bitcoin address, should they not wish to register an account with the platform.

Wells will also include the address on his own homepage.


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