Formula 1 has officially announced a five-year global partnership with leading cryptocurrency platform Crypto.com, a deal valued at over $100 million, according to people familiar with the matter. The agreement is the largest of its kind for F1 in the crypto sector to date.
Deal Details: Trackside Exposure and NFT Innovation
Under the partnership, Crypto.com will become a global partner of the FIA Formula One World Championship, with its branding featured on trackside hoardings, broadcast graphics, and official events. The tie-up takes effect from July 17, 2021, covering all remaining races of the season, including the new Sprint Qualifying series. The first Sprint event is scheduled for July at Silverstone Circuit, debuting ahead of the British Grand Prix.
Additionally, Crypto.com will serve as the official NFT (Non-Fungible Token) partner for Formula 1, and will introduce a new award at the Belgian Grand Prix in August. Ben Pincus, F1's Director of Commercial Partnerships, commented: "We are very much looking forward to leveraging Crypto.com's expertise as we explore the world of cryptocurrency, an area we are deeply interested in."
Expanding Sports Sponsorship Footprint
This is not Crypto.com's first foray into sports. The platform previously partnered with F1 team Aston Martin Cognizant Formula One to launch NFT memorabilia celebrating their return to the championship. Crypto.com is also a sponsor of NHL team Montreal Canadiens and Italy’s Serie A soccer league. The exchange claims over 10 million users and enables buying and selling of various digital assets.
Since being acquired by Liberty Media for $4.4 billion in 2016, Formula 1 has been accelerating its commercialization efforts. This crypto sponsorship underscores its strategy to embrace emerging technology and attract younger audiences. Analysts believe that cross-industry collaborations between sports and digital assets will become a major trend in the coming years.