In this partnership, FTX’s branding will be displayed on Mercedes’ cars and drivers’ uniforms which is set to be unveiled at the upcoming Russian Grand Prix at the Sochi Autodrom on 26th September.
FTX will also have its branding featured on Mercedes’ trucks, in its garages, and in trackside hospitality until the 2022 season.
The legendary Mercedes drivers, Lewis Hamilton and Valtteri Bottas will also be available for FTX to utilize to expand their global reach among the Formula One fanbase.
Commenting on the partnership, Toto Wolff, team principal and chief executive at Mercedes, said, “We are very excited to welcome FTX, one of the world’s leading cryptocurrency exchanges, to the Mercedes-AMG Petronas Formula One Team.
“Their innovative spirit and creative energy in such a rapidly developing global industry make them a well-matched partner in our own relentless pursuit of performance.
“Together we look forward to creating new and exciting opportunities to engage with our fans and deliver world-class experiences for them.”
In this agreement, Mercedes and FTX will also be releasing exclusive non-fungible tokens (NFT) on their platform and have also planned to initiate some corporate social responsibility projects together.
With the deal in place, Mercedes becomes one of the latest motorsport properties to come into a partnership with a cryptocurrency firm. Earlier, Formula One had signed a sprint race sponsorship deal with Crypto.com, which is reportedly worth US$100 million.
The famous cryptocurrency brand FTX has been partnering with various sports organizations and leagues. Their recent signing reportedly includes a collaboration with the ICC to be the official crypto partner of ICC World Cups. FTX also signed the largest-ever E-Sport sponsorship deal with Team SoloMid (TSM), which is worth reported to be around $210 million.