Cryptocurrency exchange Crypto.com has announced that it will partner with Formula 1 in its racing series this year.
In today’s announcement, Formula 1 He said Crypto.com will be the new global inaugural partner for the Sprint Series 2021, set to begin July 17. As part of the agreement – which CNBC mentioned $100 Million – The exchange will become the official cryptocurrency sponsor of the racing series and a partner of NFT.
“We will rely heavily on [Crypto.com’s] 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 that we are offering fans the opportunity to explore this exciting world while increasing our digital presence,” said Formula 1 Business Partnerships Director Ben Pincus.
Formula 1 has hinted that race car drivers will have the chance to win a possible new crypto-themed prize, which will be announced ahead of the Belgian Grand Prix event on August 29. The racing chain also announced its intention to follow Crypto.com’s May commitment to become carbon negative within 18 months, saying it plans to be “zero carbon” as a sport by 2030.
“We are both, at its core, tech organizations focused on innovation,” Chris Marsalek, CEO and co-founder of Crypto.com, told Cointelegraph. “It is part of the DNA of organizations like ours to find smart tech solutions to challenging problems like tackling climate change.”
Crypto.com will already have its logo Appear in the Aston Martin team in Formula 1 events based on a partnership completed in March. At the time, Marsalek said the exchange was looking to take advantage of the collaboration to promote other crypto-related products.