Ed Carpenter Racing announced today that the team will enter the No. 21 Bitcoin Chevrolet for Rinus VeeKay in this year’s Indianapolis 500. ECR will also be the first NTT INDYCAR SERIES team to integrate Bitcoin as a payment option for all of its employees. The first decentralized sponsorship in the history of racing will empower not only ECR on the track but the Bitcoin community off. In addition to the No. 21’s black and orange scheme, Bitcoin will be present on ECR’s other Indianapolis 500 entries.

Since there is no Bitcoin Corporation, the sponsorship money is actually part of a peer-to-peer campaign by a company called Strike. Individuals can donate their Bitcoins to sponsor ECR in an effort to increase the value and exposure of Bitcoin through racing promotion. It reminds many of the Doge Coin NASCAR from 2014 when the Dogecoin community successfully raised 67.8 million Dogecoins (around $55,000 at the time) in an effort to sponsor NASCAR Sprint Cup Series driver Josh Wise.

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