Cryptocurrencies in the world of Formula 1 continue to emerge. Indeed, F1 seems to be a fan of cryptocurrency. Eight of the teams participating in the 2022 World Championship have a cryptocurrency-related sponsor. While the Miami Grand Prix isn’t over yet, the F1 craze doesn’t seem to have dried up yet. A boon for cryptocurrencies.
A range of crypto sponsors for Formula 1
For example, among these eight teams can mention Crypto.com. It is one of the main platforms forstock exchange of cryptocurrencies. This new sponsor has signed a multi-year naming deal for the F1 race in Miami, which kicked off earlier this month. Crypto.com is also a partner of the Aston Martin F1 team. We can also mention the two best teams in F1 so far for this season, Red Bull and Ferrari. Both stables have announced new cryptocurrency sponsorship deals in recent months. Ferrari (RACE) partners with blockchain company Velas while Red Bull has an agreement with the platformstock exchange of Bybit cryptocurrencies. Other top F1 teams are also making the crypto jump. McLaren recently entered into a multi-year deal with OKX.
A full crypto company as an official sponsor
OKX is the only cryptocurrency company to be the title sponsor of an F1 team. This means that the logo will appear more prominently on the cars and racing suits of McLaren drivers Lando Norris and Daniel Ricciardo. A team whose main sponsor is a cryptocurrency company is a huge step forward for the blockchain universe and shows that the popularity of cryptos is at the heart of the problems of this F1 season.
Cryptocurrency and Formula 1, an interesting mix
“Cryptography is a huge industry. It is clearly here to stay and is a big part of the economic future.”explains McLaren Racing CEO Zak Brown. “Crypto fans are smart, tech-focused consumers” he also added to explain the importance of such a sponsor to his team. Haider Rafique, Global Marketing Director for OKX, said: “They don’t just put our logo on McLaren cars. We help McLaren with NFTs and the Metaverse,” in an interview with CNN Business.
Young Drivers and Fans: Cryptocurrency Lovers
Zak Brown also said the partnership between McLaren and OKX is a good fit, as some of the new younger F1 fans who have embraced the sport are also familiar with cryptocurrencies. “Interest in the sport has grown exponentially. So for us it was a pretty easy decision to get involved with a team.”said Lou Frannella, vice president of partnerships at FTX US. FTX is one of the leading cryptocurrency brokers. The company is currently valued at $32 billion and signed a deal with Mercedes last year. More recently, the company has attempted to trade of shares.
Marrying crypto and F1, who would have thought? However, we see that everywhere, even though cryptocurrencies do not have the best hour in their history, they are proudly displayed. Indeed, partnerships or sponsorship growing in all sectors, from entertainment to business. An enormous popularity that almost gives us the “ Crash cryptos”.
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Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are closely linked: blockchain and NFTs are revolutionizing many sectors and offering unprecedented opportunities.