Formula 1 secures million dollar crypto sponsorship deal – Bitcoin News

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

Crypto.com supports Formula 1 under a reported $ 100 million sponsorship agreement

The deal between Formula 1 and Crypto.com, announced on Tuesday, was negotiated with the help of the sports company Creative Artists Agency. The terms were not disclosed immediately, but according to CNBC, citing sources familiar with the details, the five-year deal is priced at over $ 100 million.

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

The crypto company will also present a new award at the Belgian Grand Prix in August and become its non-fungible token (NFT) partner. Crypto.com will have slots on the track in all F1 races for the remainder of the season under the agreement with Formula 1, which comes into effect on July 17th.

Commenting on the deal, Ben Pincus, F1 director for commercial partnerships stated that the racing company plans to leverage the expertise of Crypto.com “while we are exploring the world of cryptocurrency, an area we are very interested in” .

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

In a press release posted on its website, Crypto.com reminded that this is not the first sponsorship in the sport. The platform, which enables users to buy and sell cryptocurrencies, also had a partnership agreement with F1 team Aston Martin Cognizant Formula One commemorating their return to Formula 1 with NFTs. It is also a partner of the NHL team Montreal Canadiens as well as the major Italian football league Lega Serie A.

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

Tags in this story

Agreement, cars, championship, crypto, crypto company, crypto platform, crypto trading, Crypto.com, cryptocurrency, deal, f1, formula 1, nft, racing, sponsor, sponsorship, sport, sports

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