Formula 1 has announced Crypto.com, a cryptocurrency payment and exchange platform, as the Global and Inaugural Partner for its 2021 Sprint series. The Sprint series will kick-off at Silverstone, UK on July 17, ahead of the 2021 Pirelli British Grand Prix scheduled a day later.

As part of the partnership, Crypto.com will have a trackside presence at every race for the remainder of the season, the official announcement noted. The startup will also become the Official Cryptocurrency Sponsor and NFT Partner of Formula 1 to offer new ways of fan engagement, it added.

Crypto.com claims to have over 10 million users worldwide, with its crypto Visa Card available in over 30 countries. Headquartered in Hong Kong, the startup has a strong track record of sports sponsorships and partnerships. In the past, it has partnered with Aston Martin Cognizant Formula One team, Montreal Canadiens, a professional ice hockey team for the National Hockey League in North America, and a football league, Lega Serie A.

This month, Crypto.com signed a long-term partnership with UFC, the mixed martial arts organisation. As part of the deal, Crypto.com will become UFC’s official Fight Kit Partner, allowing it to place its branding on fight kits worn by UFC athletes. The startup has also become UFC’s Cryptocurrency Platform Partner, creating a new sponsorship category for UFC.

Crypto.com aims to democratize cryptocurrency for F1® fans and will also present a new award to be announced ahead of the Belgian Grand Prix, the statement said.

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 are able to 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.”

In 2019, Formula 1 announced its aim of achieving net-zero carbon footprint by 2030. In May this year, Crypto.com announced that it will become carbon negative within 18 months through a multi-phased approach, offering the industry a path and model for “clean crypto.”

Kris Marszalek, Co-founder and CEO of Crypto.com, said,

“We are extremely proud to be the first cryptocurrency sponsor of Formula 1, joining a prestigious collection of brands supporting a sport with technology and innovation at its core.

 

We’re also excited to partner with F1 in the development of exclusive NFTs, connecting fans to the sport in new and innovative ways.”

Featured Image Credit: Crypto.com