Crypto.com is set to become the global partner and inaugural partner of Formula 1’s newest racing segment, the Sprint race. The deal cost the Hong Kong native company $100 million.
Formula One is introducing a shorter format of the Grand Prix in 2021 which will be called the Sprint. In this format, the race will not be the traditional 305 km but 100 Km. The motive behind introducing the race is to have more race days and also to prepare the grid for the long races. The first race is supposed to be held in Silverstone, Pirelli British Grand Prix on July 17.
As per the deal, Crypto.com will get more brand visibility in all the venues of the race and also get rights to trackside presence during the season. Starting from the Belgian Grand Prix, there will be a new award presented by Crypto.com.
Discussing the deal Ben Pincus, the head of commercial partnerships at F1, said that, “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 are able to offer fans the opportunity to explore this exciting world as we further increase our digital presence.”
According to Pincus, Crypto’s decision to become a carbon-negative company in the coming years makes it a sensible choice. As it is seen across the world and especially in China, the huge requirement of power for Cryptocurrency mining is making the technology lose its position in the world. Apart from the partnership and advertising, Crypto will also develop NFTs for the racing company. This is not the first brand deal for the company. It already shares a partnership in the F1 team of Astron Martin and also owns stakes in the National Hockey League franchise, Montreal Canadiens’.
The co-founder and CEO of the company, Kris Marszalek said, “We look forward to many years of innovating together. We’re also excited to partner with F1 in the development of exclusive NFTs, connecting fans to the sport in new and innovative ways.”
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