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Formula One announce partnership with Crypto.com

Formula One landed a sponsorship deal with crypto.com worth $100 million.

Formula One and Crypto.com agreed to a sponsorship deal on Tuesday. The details of the deal were not made public but according to the reports by CNBC, the deal totals up to $100 million and it is a five-year contract.

Crypto.com will also have a trackside presence at every race for the remaining season. For the next five seasons, the deal also sees crypto to be added as the official cryptocurrency and NFT (non-fungible token) partner of Formula One. Crypto.com will also have an official award to their name.

Standing side by side with Formula One, Crypto.com has also aligned itself with the sustainability goals and achieve 0% carbon emission by the year 2030/ Previously, Crypto.com had collaborated with Aston Martin F1 teams and were also the sponsor of the Coppa Italia Final. This also gives Crypto.com the top bill branding slots at the news sprint qualifying rounds at the British GP.

However, this is not the first deal that exposes sports to Crypto’s market, previously having tie-ups in football and now F1 as well after being in a contract with Aston Martin F1 teams. F1 is owned by Liberty Media Corporation, which bought the global company for $4.4 billion in 2016. F1 used the sports agency Creative Artists Agency to tie the deal.

Crypto.com claims to have over 10 million users on both apple and android devices, having apps for both platforms. Cashing in transactions from the same Including NHL and even F1 now, the collaboration is an indication of cryptocurrencies entering the sports market.

Cryptocurrency and NFT is the latest avenue for various sporting organisations and teams to explore as a mode of revenue. Various football clubs and athletes have also started joining hands with NFT and cryptocurrency firms. It will not be long before cryptocurrency and NFT firms become big sponsorship partners across different sports due to significant growth in the market.

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