Cryptocurrency exchange Crypto.com has announced it will partner with Formula 1 in its racing series this year.
In an announcement today, Formula 1 said Crypto.com would be the new global and inaugural partner for its 2021 Sprint series, scheduled to begin on July 17. As part of the agreement — which CNBC reported to be $100 million — the exchange will become the racing series’ official cryptocurrency sponsor and nonfungible token, or NFT, partner.
“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 we are able to offer fans the opportunity to explore this exciting world as we further increase our digital presence,” said Formula 1’s director of commercial partnerships Ben Pincus.
Formula 1 hinted that race car drivers would have the opportunity to win a new potentially crypto-themed award, which will be announced prior to the Belgian Grand Prix event on Aug. 29. The racing series has also announced its intention to follow Crypto.com’s May commitment to become carbon negative within 18 months, saying it plans to be ”net zero carbon” as a sport by 2030.
“We are both, at the core, technology organizations focused on innovation,” Crypto.com CEO and co-founder Kris Marszalek told Cointelegraph. “It is in the DNA of organizations like ours to find smart, technological solutions to hard problems like addressing climate change.”
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Crypto.com will already have its logo appear on Aston Martin’s team at Formula 1 events based on a partnership finalized in March. At the time, Marszalek said the exchange would be looking to leverage the collaboration to promote other cryptocurrency-related products.