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NASCAR has withdrawn its approval of Brandon Brown’s sponsorship with LGBcoin after it approved the deal originally, according to a spokesperson for the driver.
In its announcement of a partnership with LGBcoin on Dec. 30, Brandonbilt Motorsports said that the cryptocurrency meme coin’s logo would appear on Brown’s Chevrolet Camaro during each of the 33 races for the NASCAR Xfinity Series, starting in Atlanta on Jan. 3.
“Let’s Go Brandon” appears proudly on the coin’s website.
Despite this news, Brown’s spokesperson Maxwell Marcucci told FOX Business that NASCAR rescinded its approval of the sponsorship deal on December 30, after it was revealed that LGBcoin would be a sponsor.
“After the announcement went live on Thursday morning, NASCAR acknowledged to us late that afternoon that we had received approval but that they now needed to discuss this at a higher level,” Marcucci said.
In an interview with Motorsport.com, a NASCAR spokesperson stated that Brown’s team had “jumped the gun” in announcing the partnership on Dec. 30.
The NASCAR statement runs “counter to facts of the situation,” according to Marcucci.
Marcucci noted that NASCAR Racing Operations had approved Brandonbilt Motorsports’ sponsorship on Dec. 26.
In the statement, the official’s email started “The sponsors are approved…”. This implied that approval was unequivocal.
I’m excited to welcome @LGBcoin_io aboard my No. 68 Chevrolet Camaro as our 2022 NASCAR Xfinity Series full season primary partner!
— Brandon Brown (@brandonbrown_68) December 30, 2021
The statement said that the NASCAR official said that a minor change to the graphic design might be needed “to ensure legibility on the track at 170mph.”
“We will continue to work with NASCAR and look forward to resolving this matter and clearing the air as soon as possible,” the statement read.
James Koutoulas, LGBcoin “HODLer,” the founder of Typhoon Capital Management, stated in a press release that he wants people to hear “Let’s Go Brandon” when they think of the new coin.
“We are proud to support Brandon this season, to help him continue his American dream. If we do our job right, when you think of us, and you hear, ‘Let’s Go Brandon,’ you’ll think and feel, ‘Let’s Go America.’”
Brown will have his first race with LGBcoin as his sponsor at Daytona International Speedway on Feb. 19, the press release announced.
According to the Coinbase platform, LGBcoin has increased almost 50% in value over the last week.
Brown, who is 28, unintentionally sparked the anti-Biden chant after sports reporter Kelli Stavast confused the crowd jeering ‘F*** Joe Biden’ for ‘Let’s Go Brandon!’ during a NASCAR race in Alabama.
The driver spoke out about the effect the chant has had on his career, saying he has difficulty finding sponsors and he is viewed as a ticking time bomb even though he has never expressed any political views beyond explaining that he is a Republican. After the phrase swept the nation, he now seems to have come to terms with his unintentional notoriety.
‘We are proud to support Brandon this season, to help him continue his American dream,’ James Koutoulas, the LGB crypto creator and founder of Typhon Capital Management, stated in a press release.
‘If we do our job right, when you think of us, and you hear, ‘Let’s Go Brandon,’ you’ll think and feel, ‘Let’s Go America.’
During the upcoming season, Brown – being referred to as ‘America’s Driver’ by the cryptocurrency – will drive a red, white and blue Camaro sporting the logo and wordmark of LGBcoin.
In the past year, he has secured funds from a number of crypto entities, becoming the first NASCAR driver to secure multiple deals in crypto.
Also, he stands out for being an early adopter of memes and crypto partnerships.
‘Having the financial support of LGBcoin is incredible, especially at such a pivotal time in our team’s growth as we work to build to the next level of competition,’ Brown said.
‘From wondering if we would have the financial means to continue to compete, to my first major win (at Talladega no less), to becoming an unintentional meme, this past season was a rollercoaster.’
Brown added: ‘The support of sponsors like LGBcoin empowers us to be as competitive as possible and I’m looking forward to competing hard on the track in 2022.’
Dogecoin and Shiba Inu are decentralized meme currencies similar to LGBcoin. According to its creators, the coin is dubbed ‘America’s Coin’ and is meant to inspire positivity and unity, grounded in a deeply held belief in the American dream.
‘We are thrilled to partner with Brandonbilt Motorsports and Brandon Brown for the 2022 NASCAR Xfinity Series season,’ Koutoulas shared.
‘Brandon is not only an incredibly talented driver, but also a thoughtful individual wise beyond his years. His commitment and singular focus on his profession is inspiring and his personal story is one that we can all be proud of—an American story of success and perseverance. Brandon is truly America’s Driver.’
The market capitalization of LGBcoin has surpassed $300 million in less than six months.
Last year, Brown was sponsored by The Original Larry’s Hard Lemonade and The Chain Crypto Company.
Brown revealed last week he was struggling to get sponsorships because of the controversial ‘Let’s Go Brandon’ chant.