Formula 1 achieves $ 100 million cryptocurrency sponsorship

Kimi Raikkonen of Finland driving the (7) Alfa Romeo Racing C41 Ferrari during the Styrian F1 Grand Prix at the Red Bull Ring on June 27, 2021 in Spielberg, Austria.

Bryn Lennon | fake images

Formula 1 landed a new sponsor on Tuesday in a deal with Crypto.com, a platform that allows users to buy and sell cryptocurrencies. Terms of the deal were not provided, but people familiar with the deal told CNBC that it is a five-year deal totaling more than $ 100 million.

In this deal, Crypto.com will gain brand presence at F1 events, including the new Sprint series, a ranking format that determines starting positions in races. Additionally, Crypto.com will also receive track slots in F1 races for the remainder of the season.

The company will also present a new award at the F1 Belgian Grand Prix in August and will become its NFT partner. The Crypto.com deal goes live on July 17, the day before the 2021 British Grand Prix at the Silverstone Circuit in England.

In a statement, Ben Pincus, F1’s director of trade partnerships, said the racing organization would use Crypto.com’s “expertise” “as we explore the world of cryptocurrencies, an area that we are very interested in.”

Crypto.com says it has more than 10 million users on its platform and has an app available for Apple devices and Android phones. The company earns revenue from transaction fees and has other sports associations, including the Aston Martin F1 team and the National Hockey League franchise, the Montreal Canadiens.

F1 is owned by Liberty Media Corporation, which bought the global racing entity in 2016 for $ 4.4 billion. F1 used sports agency Creative Artists Agency to negotiate the deal.

“We look forward to many years innovating together,” Kris Marszalek, Crypto.com co-founder and CEO, said of the F1 deal. “We are also excited to partner with F1 in developing exclusive NFTs, connecting fans to the sport in new and innovative ways.”

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