Major cryptocurrency exchange, Crypto.com, has been making it big, and this time, its latest partnership has put the platform on a pedestal. Joining hands with Formula 1, Crypto.com will reportedly be taking crypto to the racing industry.
The emergence of crypto has spread across industries. As a result, the prospects of the crypto-verse have got an array of platforms embracing the market. While the industry has already made its presence in the sports sector, the trend continues to persist despite the recent downfall of the market. Formula 1 is the latest to onboard a crypto platform as a partner.
Crypto.com has bagged a global as well as inaugural partnership of Formula 1’s Sprint series. With this, the cryptocurrency platform would be able to garner brand presence during F1 events and trackside slots throughout the season for every race.
Crypto.com strikes $100 million deal with F1
According to the Crypto.com blog post, the platform will be part of the Silverstone event scheduled for 17 July 2021. In addition to boosting its brand presence, the cryptocurrency firm will also aid in developing non-fungible tokens [NFTs] with F1. The exchange is reportedly the “Official Cryptocurrency Sponsor and NFT Partner of F1®.” The co-Founder and CEO of Crypto.com, Kris Marszalek, revealed that the platform hopes to “connect” fans with the sport in distinctive ways.
The CEO and President of Formula 1 welcomed the crypto platform by saying,
“We are pleased to welcome Crypto.com to the Formula 1 family, as we continue to attract progressive global brands anchored in performance and innovation.”
This is undoubtedly a step up for the digital asset platform considering, only six other brands have partnered with F1.
Ben Pincus, Director of Commercial Partnerships at Formula 1 elaborated on the latest partnership and the need for the involvement of a crypto platform and said,
“We will rely heavily on their expertise as we explore the world of cryptocurrency, an area we are very interested in, and this will be the first time as a sport we are able to offer fans the opportunity to explore this exciting world as we further increase our digital presence.”