Crypto.com continues its foray into motor racing sponsorships after being announced by Formula 1 as its inaugural partner for the new 2021 Sprint Series. As part of the deal, Crypto.com will have a track-side presence at all races for the rest of the season.
Crypto.com will start its sponsorship with the first race of the season to be held at Silverstone on July 17 for the Formula 1 Pirelli British Grand Prix.
A statement from F1 said:
“In addition to building the world’s fastest growing crypto platform and the leading app in both the App Store and Google Play, the Crypto.com Visa Card is the world’s most popular crypto card available in 30+ countries world-wide. Partnering with Formula 1 will ensure Crypto.com continue to grow their brand awareness on an international stage.”
This latest sponsorship deal for Crypto.com comes not long after another F1 partnership, signed with the Aston Martin F1 team, a multi-year deal for each side to take advantage of each other’s fan/customer base and other synergies.
For the present sponsorship deal, the F1 statement continued:
“As F1 continues to explore new ways for fans to engage and become more immersed in the sport, Crypto.com will also become the Official Cryptocurrency Sponsor and NFT Partner of F1. Mirroring the fan-first approach F1 has adopted to engage with new audiences, Crypto.com aim to democratize the world of cryptocurrency for fans, through education and experiences in the new partnership. Crypto.com will also present a brand new award, which will be announced ahead of the Belgian Grand Prix.
Aligning with the sustainability plans for F1 to be Net Zero Carbon as a sport by 2030 Crypto.com announced an ambitious pledge in May 2021 to become carbon negative within 18 months, offering the industry a path and a model for ‘clean crypto’.”
For Crypto.com, Kris Marszalek, co-Founder and CEO, stated:
“We are extremely proud to be the first cryptocurrency sponsor of Formula 1, joining a prestigious collection of brands supporting a sport with technology and innovation at its core.
We look forward to many years of innovating together, and will begin at the Belgian Grand Prix where we will present a brand new award. We’re also excited to partner with F1 in the development of exclusive NFTs, connecting fans to the sport in new and innovative ways.”
Sponsorship deals between the worlds of cryptocurrency and motor racing would appear to be mutually beneficial as both these sectors have a fast and exciting allure. It would be hoped that gaining exposure to such a big fan base in F1 will outweigh the outlay by Crypto.com for sponsoring such events.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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