Formula 1 Has A New Sponsor
The international motor racing organization Formula 1 has a new sponsor from the cryptocurrency industry. The long-term collaboration will give a digital asset trading platform a presence at F1 events. At the same time, the automobile championship aims to “explore the world of cryptocurrency” as a result of the partnership.
Contract Between Formula 1 and Crypto.com
The sports agency Creative Artists Agency assisted in the contract between Formula 1 and Crypto.com, revealed on Tuesday. They did not release any specifics immediately, however citing sources familiar with the details, CNBC reported that the five-year deal is for more than $100 million.
Crypto.com, which claims to have ten million users, subsequently will be a global partner for Formula 1 races. Some races will use the qualifying format to decide starting places. The first such session takes place in July at Silverstone Circuit ahead of the F1 Pirelli British Grand Prix 2021. This year, Sprint Qualifying will make its debut at three Grands Prix.
Crypto.com Will Become A NFT Partner
In August, the crypto firm will debut a new award and become a non-fungible token (NFT) partner during the Belgian Grand Prix. As part of the deal, Crypto.com will have trackside seats at all F1 races for the rest of the season.
F1 Director’s Comment
F1 Director of Commercial Partnerships Ben Pincus leaves his comments on the agreement, saying that the racing organization plans to leverage Crypto.com’s knowledge “as we explore the world of cryptocurrencies, an area we are extremely interested in.”
Not Crypto.com’s First Sports Sponsorship
Crypto.com stated in a press release on its website that this is not its first sponsorship in sports. The platform, which allows users to buy and trade cryptocurrencies, also had a relationship with Formula One team Aston Martin Cognizant Formula One, who used NFTs to celebrate their comeback to the sport. It’s also a sponsor of the NHL’s Montreal Canadiens and the Lega Serie A, Italy’s top soccer league.
