Crypto.com has signed a five-year sponsorship deal worth more than $100 million with Formula 1.
June 30, 2021, | AtoZ Markets – Cryptocurrency exchange and debit card provider, Crypto.com has partnered with Formula 1, under which the payment platform will sponsor the racing series and issue themed non-fungible tokens (NFT).
1/ We're extremely excited to announce that https://t.co/vCNztABJoG is the newest Global Partner of @F1?— Crypto.com (@cryptocom) June 29, 2021
We're also the first Official Cryptocurrency Sponsor, and #NFT Partner of #F1 pic.twitter.com/gyymBWpWmo
The parties did not disclose the financial terms of the transaction. Sources familiar with the details told CNBC that it was a five-year deal worth more than $100 million.
The Hong Kong-based payment platform aims to increase brand awareness through its partnership with Formula 1, according to a press release.
The payment platform will receive advertising slots at all events of the 2021 season, including the races of the new sprint qualification format. The first race, at which the company will be represented, will take place on July 17 as part of the British Grand Prix at the Silverstone circuit.
Crypto.com will also institute a special award, which will be announced ahead of the Belgian Grand Prix on August 29 and will help the racing series launch themed NFTs.
“We will rely heavily on the expertise of [Crypto.com] to explore the cryptocurrency world that interests us a lot. For the first time, we can offer fans the opportunity to experience this exciting world as we further expand our digital presence,” said Ben Pincus, Director of Commercial Cooperation Formula 1.
Crypto.com announced in May that it would become a carbon-negative company within 18 months. Formula 1 has declared its commitment to this idea - by 2030, the racing series expects to become an environmentally friendly sport.
Crypto.com has previously partnered with the Aston Martin Cognizant Formula 1 Team.
Recall that the McLaren Racing team has entered into cooperation with the blockchain project Tezos, within the framework of which the brand symbols will appear on the suits of Formula 1 and IndyCar pilots.
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