Formula 1 has announced that Hong Kong-based Crypto.com will be a first global partner for the new F1 sprint series in 2021. The first event will take place on July 17th at the Formula 1 Pirelli British Grand Prix.

Brief information:

  • In the new sprint format, the drivers will drive 100 km on the Saturdays of selected Grand Prix weekends, with the result determining the starting grid for the Grand Prix over the entire distance on Sunday.
  • As part of the global five-year sponsorship deal as F1’s official cryptocurrency sponsor and non-fungible token partner, Crypto.com will have its logo on the track and award a new award to be announced ahead of the Belgian Grand Prix for F1 instruction.
  • “Formula 1 is a sport that is deeply rooted in technological innovation and has a great focus on performance and speed, so the parallel to the cryptocurrency industry is pretty clear,” Kris Marszalek, co-founder and CEO of Crypto.com, told Forkast. News. “There is a lot of overlap between the cryptocurrency users, who are and are big fans of Formula 1, and the Formula 1 audience, who of course are enthusiastic about crypto.”
  • The deal is the latest in a series of sports sponsorships through cryptocurrency exchanges. Crypto.com currently sponsors the Aston Martin Cognizant Formula One Formula One team, the National Hockey League’s Montreal Canadiens, and the Lega Serie A football league.
  • This week, the cryptocurrency exchange FTX – also based in Hong Kong – announced that American football star Tom Brady and his supermodel wife Gisele Bündchen would take over shares and act as FTX ambassadors and advisers for environmental and social initiatives. The duo are also receiving crypto as part of the multi-year partnership following recent FTX sports sponsorships, from major league baseball to esports organization TSM and a 19-year $ 135 million deal for the naming rights to the Home arena of the Basketball Association’s National Miami Heat.

Dhruv Tiketar contributed to the coverage.

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