Formula One, Crypto.com strike sponsor deal: Here’s what we know so far

3 min read | June 30, 2021 08:03 AM AEST | By Team Kalkine Media

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Formula One, Crypto.com strike sponsor deal: Here’s what we know so far — Image source: Stanslavs,Shutterstock

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Summary

Crypto.com will present its brand at Formula 1 races and events and will also get promotional time slots along the tracks during races.

The deal is worth US$100 million for five years.

com also had signed a contract with the National Hockey League franchise team Montreal Canadiens in March.

Formula1 said on Tuesday, June 29, that it roped in Crypto.com to be a global partner for its new Sprint series this year. According to the terms of the contract, the deal is worth US$100 million for five years. It is the first cryptocurrency to sponsor Formula 1.

Crypto.com, the fastest-growing crypto platform with 10 million users, allows users to sell and buy cryptocurrency. It is a Switzerland-based cryptocurrency exchange. It also has a mobile application.

Source: Pixabay

According to the contract, Crypto.com will present its brand at Formula 1 races and events that include Sprint qualifying series. Crypto.com will also get slots along the tracks during F1 races.

Crypto.com will be giving a new award at the F1’s Belgian Grand Prix to be held in August, and it will be its NFT partner. The agreement will come into effect on July 17, a day before British Grand Prix starts at the Silverstone Circuit in England.

Also read: What is Ethereum and how to buy it?

Ben Pincus, director of the commercial partnership of F1, in a statement, said that the racing organization wanted to use the expertise of Crypto.com as it is trying to explore the cryptocurrency world. Crypto.com is available on Apple and Android apps. It earns income through transaction fees.

Crypto.com also has signed contracts with other sports organizations like the National Hockey League franchise team Montreal Canadiens. It also sponsored the Coppa Italia football league in May this year.

Kris Marszalek, co-founder, and CEO of Crypto.com, said that the company looks forward to many innovative years with Formula 1. The company expects that its partnership with Formula 1 will help it to grow at the international level.

Also read: What are stablecoins? How safe is the stablecoin Tether?

Crypto.com has decided to become carbon negative in the coming 18 months to show the path of the crypto world to reduce carbon emissions. Under the plan, it will assess how much carbon it generates through trading, depositing, and withdrawing activities. And it will decide the strategy to cut down emissions.

Please note: The above constitutes a preliminary view, and any interest in stocks/cryptocurrencies should be evaluated further from an investment point of view.

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