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Formula 1 eyes moves into NFT and Cryptocurrency through Crypto.com global partnership

Formula 1 has embarked on a new partnership with Crypto.com that woll see the global crypto platform become a global partner, an inaugural partner for the sport’s new Sprint series this year, and the official Formula 1 NFT partner.

Under the deal, Crypto.com will have a trackside presence at every race for the remainder of the season as it continues to grow its brand awareness on an international stage. With 10 million users worldwide, Crypto.com is recognised as one of the world’s fastest growing crypto platforms.

As Formula 1 continues with its plans to explore new ways for fans to engage and become more immersed in the sport, Crypto.com will also become the Official Cryptocurrency Sponsor and NFT Partner for the motor sport brand. Mirroring the fan-first approach F1 has adopted to engage with new audiences, Crypto.com aim to democratize the world of cryptocurrency for fans, through education and experiences in the new partnership.

Crypto.com will also present a brand new award, which will be announced ahead of the Belgian Grand Prix.

Aligning with the sustainability plans for Formula 1 to be Net Zero Carbon as a sport by 2030, Crypto.com laid out an ambitious pledge in May 2021 to become carbon negative within 18 months. It aims to offer the industry a path and a model for ‘clean crypto’ by late 2022. This plan will initially focus on an assessment of the carbon generated through cryptocurrency trading, deposit and withdrawal activities across all of its own platforms.

Stefano Domenicali, president and CEO, Formula 1, said: “We are pleased to welcome Crypto.com to the Formula 1 family, as we continue to attract progressive global brands anchored in performance and innovation.”

Ben Pincus, director of commercial partnerships at Formula 1, added: “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 is revered in the industry and its 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.”

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 look forward to many years of innovating together, and will begin at the Belgian Grand Prix where we will present a brand new award.

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

The partnership between Formula 1 and Crypto.com was facilitated by CAA Sports, the global representative for F1.

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