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The Formula 1 fans should brace themselves to find a new name on the tracks – and the one that coincides with disruption and changing times.
And no, it not Mick Schumacher – the son of celebrated legend Michael Schumacher – or any other new star. The highest form of international auto racing competition has landed itself a new sponsor – Crypto.com, a platform that allows users to buy and sell cryptocurrencies.
Though the details of the deal were not disclosed by the organisers in the press note, the deal is reportedly valued at a whopping US$100 million.
As a sponsor to one of the world’s most celebrated sports events, Crypto.com will get a brand presence around all the F1 events, including the new Sprint qualifying format which would be used in some races to determine the starting, or pole positions of the cars. Crypto.com will also receive trackside slots at F1 races for the remainder of the season – which would help amplify the brand of the crypto-trading platform.
At the Belgian Grand Prix in August, the company is set to announce a new award for F1 drivers – the details of which are not available yet. The platform is planning to develop new non-fungible token (NFTs) for F1 – aimed at “connecting fans to the sport in new and innovative ways”.
"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,” Kris Marszalek, co-Founder and CEO of Crypto.com.
The deal between Crypto.com and F1 takes effect on 17 July, a day prior to the 2021 British Grand Prix at the Silverstone Circuit in England.
“We are pleased to welcome Crypto.com to the Formula 1 family, as we continue to attract progressive global brands anchored in performance and innovation,” Stefano Domenicali, President and CEO, Formula 1, said.
One of the most popular sporting events in the world, F1 is a series of auto races, in which top 20 drivers from 10 sports carmakers take part. There are 23 races in the 2021 F1 season. The first race was held in Bahrain on the 28 March 2021. The final race of the season is slated to take place in Abu Dhabi on 12 December 2021. The driver with most points across these 23 races will take the coveted prize of Driver’s Championship.
