Formula 1 renewed its partnership agreement with Crypto.com. The two entities are now working together to maximize their momentum.
Crypto.com’s renewed partnership ensures that it will be prominently featured at Formula 1 events including the Miami Grand Prix. It has held the role of title sponsor for the Miami Grand Prix since its inception in the year 2022.
This deal was first signed in 2021 and marked Formula 1’s entry into the cryptocurrency world, at a period when digital assets experienced explosive growth.
Initial partnership established Crypto.com’s position as official cryptocurrency sponsors and global partners for the new Sprint qualification series.
This coincided with Formula 1’s efforts to attract younger audiences and expand their global reach, especially in markets untapped, such as the U.S.
The deal for Crypto.com was part of a marketing campaign that included a number of aggressive tactics to make the company recognizable in the sector.
Both parties have grown significantly since 2021. Formula 1 has a fanbase of over 750 millions worldwide, with a TV audience totaling 1.5 billion and social media fans of 96,000,000.
Crypto.com has claimed that it now services more than 100,000,000 customers around the world. The following is a statement by the spokesperson On Thursday, the two were joined by a third.
Crypto.com did not disclose the terms of the agreement, such as how much it paid Formula 1. The pair declined further comment, according to a spokesperson.
Crypto.com has heavily relied on sponsorships in sports as part of its marketing strategy.
The Singapore-based platform, in addition to Formula 1 has also secured deals with UFC, FIFA and the Los Angeles Lakers. It renamed the Staples Center Crypto.com arena, making it a highly-publicized move.
Crypto.com is a brand that has gained significant recognition despite its size.
Crypto industry is facing increasing market volatility and regulatory scrutiny.
The deal is a sign of faith in Formula 1’s ability, to continue to expand its commercial portfolio while attracting non-traditional sponsors.