Formula 1 Secures Multimillion Crypto Sponsorship Deal
Formula 1, the international auto racing organization, has found a new sponsor from Crypto.com, a platform with a claimed 10 million users. The long-term deal will provide a digital asset trading platform with brand presence at F1 events while the car championship hopes that the partnership will allow it to “explore the world of cryptocurrency.”
The deal between Formula 1 and Crypto.com, which was announced on Tuesday, has been negotiated with the help of sports firm Creative Artists Agency and the five-year agreement has a price tag of over $100 million.
Crypto.com, a platform with a claimed 10 million users, will become a global partner for Formula 1 races, including the new Sprint series. The qualifying format will be employed to determine the starting positions in some races, with the first such event to be held at Silverstone Circuit in July, ahead of the F1 Pirelli British Grand Prix 2021. Sprint Qualifying will debut at three Grands Prix this year.
The crypto company will also unveil a new award at the Belgian Grand Prix in August and become its non-fungible token (NFT) partner. Crypto.com will have trackside slots at all F1 races for the rest of the season as part of the agreement with Formula 1, which takes effect on July 17.
Commenting on the deal, F1 Director of Commercial Partnerships Ben Pincus stated that the racing entity is planning to use Crypto.com’s expertise “as we explore the world of cryptocurrency, an area we are very interested in.”
Formula 1 is the world’s leading auto racing competition, sanctioned by the Fédération Internationale de l’Automobile (FIA), or the International Automobile Federation. The ‘formula’ in its name refers to a set of rules to which all participating teams must conform. In 2016, F1 was bought by Liberty Media Corporation for $4.4 billion.
