Crypto.com Strikes Global Partnership With Formula 1
Fast-growing crypto platform Crypto.com has extended the reaches of its influence with yet another sports sponsorship, this time through a partnership with Formula 1, one of the most popular sporting brands in the world.
The Hong Kong-based digital asset exchange was announced today as the Global Partner and Inaugural Partner of Formula 1’s new Sprint series for 2021.
A few details concerning the new expansion were discussed in a press release. The company will have a trackside presence at the first event of the series, the British Grand Prix, which will take place at Silverstone on Saturday, July 17th. As part of the sponsorship deal, Crypto.com will have its logo displayed at the tracks at every race for the remainder of the season.
Why This Works For F1
In May this year, Crypto.com pledged to be carbon negative within the next 18 months; a decision that strategically aligns with F1's plans to be Net Zero Carbon by 2030.
“We will rely heavily on their expertise as we explore the world of cryptocurrency, an area we are very interested in, and this will be the first time as a sport we can offer fans the opportunity to explore this exciting world as we further increase our digital presence. Crypto.com are revered in the industry and their experience was key in the decision to partner with them, as well as the company’s commitment to becoming carbon negative, as we continue to move towards sustainability goals of our own.”
Formula 1 has adopted a fan-first approach in furthering their intentions to increase audience interaction, which is why Crypto.com has also become the official crypto sponsor and NFT partner of the sports brand. F1 also announced the creation of a new award to be given at the Belgian Grand Prix, coming up in late August this year. The award will be presented by the crypto firm.
Formula 1’s President and CEO, Stefano Domenicali, welcomed the cryptocurrency space to the F1 family, as they “continue to attract progressive global brands anchored in performance and innovation.”
Crypto in the Sports Industry
The crypto industry has steadily forged partnerships and deals with sports organisations in recent years. Apart from successful efforts to tokenize support among soccer fans across Europe, platforms like Chiliz and Socios have also managed to form interesting partnerships with UFC and Hockey Teams in the past months.
Crypto.com, however, remains the first crypto platform to partner with an F1 team (Aston Martin Cognizant Formula One), after only just signing a sponsorship deal with the Montreal Canadiens professional hockey team in March. They are also the first to partner with a soccer league (Lega Serie A).
“We are extremely proud to be the first cryptocurrency sponsor of Formula 1,” Kris Marszalek, co-Founder, and CEO of Crypto.com, said, as the company looks for more mainstream adoption of cryptocurrencies in the future.
You can buy or trade your preferred crypto for the sport-oriented $Chiliz token on ChangeNOW.