Formula 1 Signs $100 Million Contract With Cryptocurrency Trading Website
Formula 1 has signed a five-year, $100 million partnership with cryptocurrency exchange Crypto.com, which acts as a marketplace for clients to buy and sell cryptocurrencies.
The deal’s full details have not been disclosed.
Cryptocurrency will have a presence at Formula 1 races. This covers the Sprint Qualifying format, which will be used for the starting positions of cars in some races. Additionally, Crypto will be assigned trackside seats for the remainder of the season. Additionally, the company will be able to debut a new award at the Belgian Grand Prix.
The agreement becomes effective on July 17, one day before the British Grand Prix at England’s Silverstone Circuit.
Crypto.com’s platform, which is available on Apple and Android devices, has over ten million users. Additionally, the corporation has affiliations with the NHL’s Montreal Canadiens and Formula One team Aston Martin.
“We look forward to many years of collaborative development. We are thrilled to collaborate with Formula 1 on the development of exclusive NFTs that will connect fans to the sport in novel and inventive ways,” Crypto co-founder and CEO Kris Marszalek said.
“We are ecstatic to welcome Crypto.com as a global partner “Ben Pincus, Director of Communication Partnerships, stated as much. “We strongly rely on their skills as we delve into the world of cryptocurrencies, an area in which we have a keen interest.”