Crypto.com signs five-year sponsorship deal with Formula One

Crypto.com has entered into a sponsorship agreement with Formula One, under which the payments platform will become a sponsor of the racing series and will issue themed non-fungible tokens (NFTs).

1/ We’re extremely excited to announce that https://t.co/vCNztABJoG is the newest Global Partner of @F1🏎

We’re also the first Official Cryptocurrency Sponsor, and #NFT Partner of #F1 pic.twitter.com/gyymBWpWmo

— Crypto.com (@cryptocom) June 29, 2021

The parties did not disclose the financial terms of the deal. Sources familiar with the details told CNBC that it is a five-year agreement worth more than $100 million.

According to the press release, the collaboration with Formula One is aimed at increasing brand awareness.

The payments platform will receive advertising slots at all events of the 2021 season, including the new sprint-qualifying format. The first race at which the company will be represented will take place on 17 July during the British Grand Prix at the Silverstone Circuit.

Crypto.com will also establish a special prize to be announced ahead of the Belgian Grand Prix on 29 August, and will help the racing series release themed NFTs.

«We will largely rely on the experience of [Crypto.com], exploring the world of cryptocurrencies that interests us greatly. For the first time we can offer fans the opportunity to become acquainted with this exciting world, as we further expand our digital presence», said Ben Pincus, Director of Commercial Partnerships at Formula One.

In May, Crypto.com announced that within 18 months it would become carbon negative. Formula One stated its commitment to this idea — by 2030 the racing series aims to be an environmentally sustainable sport.

Earlier, Crypto.com became a partner of the Aston Martin Cognizant Formula One Team.

Earlier, the McLaren Racing team partnered with the blockchain project Tezos, under which the brand’s symbolism would appear on the suits of Formula 1 and IndyCar drivers.

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