Josh Wise isn't the only Crypto-racer out there.

Sponsored by crowd funding platform CryptoMex and racing with a Bitcoin logo on the side of the car, Dan Wells crossed the finish line first but ultimately finished eighth due to a penalty at the third race of the third round in the Formula Masters China series on Saturday. With three full rounds remaining in the season, Wells currently sits third in the standings.

The Formula Masters series is designed to groom young and upcoming drivers for the bigger leagues in open wheeled racing.  The races are carried primarily on Fox Sports Asia and is also distributed to local television stations and released online after a short period of exclusivity.

The circuit is mostly watched by hardcore race fans, but it is gaining popularity particularly in Asian countries.

It's not as quite as high profile as the Bitcoin Bowl or even the Dogecoin's sponsorship of NASCAR driver Josh Wise, but it is nonetheless encouraging to see a Bitcoin sponsored athlete do so well so quickly after his sponsorship. It also showcases how serious CryptoMex is when it comes to (pardon the pun) kick-starting the Bitcoin crowdfunding industry. The site went live in April with one project named “Ice Drill” which was/is a company looking to raise funds for a BTC mining operation. Now the site has a total of two projects funding, Ice Drill and Dan Wells' sponsorship.

The sponsorship should bring some more eyes, and hopefully more projects, to the platform. Even though the Bitcoin logo is displayed prominently, there is a small CryptoMex logo on the car as well. Wells is also accepting Bitcoin as a payment option for all his sponsors, so if you have a few extra bits lying around and you want to see your logo on the side of a really fast moving car: that can happen.

- Dan Wells and Maria Jones at the Inside Bitcoins 2014

Wells had the lead when he crossed the finish line and stood on the podium for the third time in as many races, but lost his victory and 17 points towards the championship when he was assessed a penalty. Wells was penalized when it was determined that he crept up during a red safety flag and had 30 seconds added to his time, putting him in eighth place.

Speaking after the race, Wells expressed disappointment at the penalty but seemed encouraged by his good performance. In a statement released by his company, Wells was quoted as saying:

“From the video we can see I was creeping a few inches just before the 5th red light went out and this ultimately cost me the result I wanted. It was quite tough to have gone through a [sic] two safety car periods, a red flag, and get the job done with the fastest lap to boot, but that is racing and there were lots of positives to take away.”

The fourth and final race of the third round of the Formula Masters China series was postponed; Wells will race next on August 16th in Malaysia. Wells currently has 77 points, 25 points behind second place Matthew Solomon and 43 points behind teammate and league leader James Munro. Three full rounds remain in the season, with the last race set to take place on October 21.

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