Bitcoin car will race at the Indianapolis 500

A car and driver branded with the Bitcoin logo will be racing in circles against 32 others in this month’s Indianapolis 500.

According to a blog post from Zap CEO Jack Mallers, U.S. racing driver Ed Carpenter will be in control of the “orange-spotted, Bitcoin-covered, engineering beast” scheduled to appear at the Indy 500 on May 30. Carpenter, who became a Bitcoiner over the last year, reportedly forfeited all traditional sponsors in favor of driving the Bitcoin (BTC) car, #21 in the event.

“I don’t want to race for chips or beer this year,” said Carpenter. “I’ve worked my entire life to race at the Indy 500 and have earned the platform that I have, and this year, I want to find a way to incorporate Bitcoin.”

Mallers and the racecar driver are continuing to raise donations from crypto enthusiasts and plan to use 70% of all proceeds to fund open-source Bitcoin development, with the remaining used to fund the Bitcoin car and for Indianapolis charities. Ross Stevens, executive chair of New York Digital Investment Group, reportedly pitched in $250,000, with Mallers contributing $25,000 and his Strike payments and remittances app donating $100,000. Other notable contributors include Anthony ‘Pomp’ Pompliano, NFL star Russell Okung, and Peter McCormack, host of the What Bitcoin Did podcast.

“This isn’t the Strike car, the Coinbase car, the Kraken car […] this is the Bitcoin car,” said Mallers. “In a world of potato chip and energy drinks sponsors, Ed chose to race for human freedom, financial literacy, financial inclusivity, savings technology, and Bitcoin open-source development.”

Crypto has found its way into racing events before. Last year, a Cash App car driven by Darrell ‘Bubba’ Wallace, featured the iconic BTC logo in NASCAR’s top racing series. In addition, Crypto.com partnered with Aston Martin to sponsor the car manufacturer’s Formula 1 team.