When they first entered NASCAR in 2021 it was kind of a big deal. Voyager Digital wasn‘t the first cryptocurrency sponsor in the sport, but they were the first to go “all-in” becoming a primary sponsor for Landon Cassill in the Xfinity series. They were also the first sponsor to pay for their sponsorship using cryptocurrency.
It seemed a match made in sponsorship heaven for Cassill, a longtime cryptocurrency enthusiast who is adept at walking people through the sometimes-confusing world of crypto and the blockchain.
The sponsorship seemed to be working well as earlier this year it was announced that Voyager Digital would be back for 2022, and would include some races in NASCAR‘s top tier Cup series. In fact, the company itself seemed to be doing well as Voyager Digital was said to have 3.5 million users and $5.9 billion in assets.
All good things must come to an end however, and that has never been truer than in the world of cryptocurrency. The currency, which only exists electronically, has fallen into what investors call a “crypto winter.” Cryptocurrencies have lost $2 trillion in value since last year.
This has led to several cryptocurrency firms failing and that includes Voyager Digital which on July 5 filed for Chapter 11 bankruptcy in the Southern District of New York. For now, the company plans to keep operating, this week releasing a recovery plan and telling users they will get their funds back, “subject to a reconciliation and fraud prevention process.”
What all this means for the future of the NASCAR sponsorship for Cassill and the Kaulig Racing team is uncertain. The No. 10 car is entered in this weekend‘s Xfinity race at New Hampshire with a different sponsor and calls and emails to the team went unanswered.
— Forbes —