Skip to main content

Formula 1 Secures Multimillion Crypto Sponsorship Deal

Formula 1 Secures Multimillion Crypto Sponsorship Deal

Formula 1, the international auto racing organization, has found a new sponsor from the crypto industry. The long-term deal will provide a digital asset trading platform with brand presence at F1 events while the car championship hopes that the partnership will allow it to “explore the world of cryptocurrency.”

Crypto.com to Support Formula 1 as Part of Reported $100 Million Sponsorship Agreement

The deal between Formula 1 and Crypto.com, which was announced on Tuesday, has been negotiated with the help of sports firm Creative Artists Agency. The terms were not immediately disclosed but according to CNBC, quoting sources familiar with the details, the five-year agreement has a price tag of over $100 million.

Crypto.com, a platform with a claimed 10 million users, will become a global partner for Formula 1 races, including the new Sprint series. The qualifying format will be employed to determine the starting positions in some races, with the first such event to be held at Silverstone Circuit in July, ahead of the F1 Pirelli British Grand Prix 2021. Sprint Qualifying will debut at three Grands Prix this year.

The crypto company will also unveil a new award at the Belgian Grand Prix in August and become its non-fungible token (NFT) partner. Crypto.com will have trackside slots at all F1 races for the rest of the season as part of the agreement with Formula 1, which takes effect on July 17.

Commenting on the deal, F1 Director of Commercial Partnerships Ben Pincus stated that the racing entity is planning to use Crypto.com’s expertise “as we explore the world of cryptocurrency, an area we are very interested in.”

Formula 1 is the world’s leading auto racing competition, sanctioned by the Fédération Internationale de l’Automobile (FIA), or the International Automobile Federation. The ‘formula’ in its name refers to a set of rules to which all participating teams must conform. In 2016, F1 was bought by Liberty Media Corporation for $4.4 billion.

In a press release published on its website, Crypto.com reminded this is not its first sponsorship in sports. The platform, which allows users to buy and sell cryptocurrencies, also had a partnership deal with F1 team Aston Martin Cognizant Formula One which commemorated their return to Formula 1 with NFTs. It’s also a partner with NHL team Montreal Canadiens as well as the major Italian soccer league, Lega Serie A.

What do you think about the sponsorship agreement between Formula 1 and Crypto.com? Tell us in the comments section below.



from Bitcoin News https://ift.tt/3AeaGBw
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more