Single car auto racing outfit Formula 1 has announced its partnership with the Hong Kong-based trading platform, Crypto.com, in which the latter will now serve as its official global partner. 
Coming off as the first cryptocurrency exchange to complete this feat, Crypto.com will also be the inaugural partner of the new Sprint series for 2021, with the first event at Silverstone on Saturday, 17 July, according to Formula 1.
Cryptocurrencies and the ecosystem built around the nascent asset class are gradually attaining recognition and maturity. While a new set of innovative and ambitious use cases are being rolled out, crypto-backed entities are also becoming more renowned in part due to their growing partnerships with mainstream organizations and brands alike.
The executives of both outfits have well-applauded the current partnership deal between Crypto.com and Formula 1. While the former will benefit from global publicity and exposure under the agreement, the latter will benefit from Crypto.com’s Non-Fungible Token (NFT) marketplace. Per the announcement, Formula 1 seeks to create a series of its own NFTs, a move that will offer a renewed engagement with a new audience category.
Ben Pincus, Director of Commercial Partnerships at Formula 1, said:
“We are thrilled to announce Crypto.com as a Global Partner and lead partner of the Sprint event as we bring this exciting new format to fans for the first time this year. 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.”
Besides this Formula 1- Crypto.com partnership, cryptocurrency entities are known in favour of sports organizations. From football club’s fan tokens offered by the duo of Chiliz and Socios, Manchester City players are now being tokenized via Superbloke.
Image source: crypto.com