Like soccer, the Formula One competition attracts the crypto market’s attention. Recently, eight companies from the crypto industry and some digital currencies announced million-dollar sponsorships for the world’s fastest car competition.
The crypto market has found F1 a new way to reach new users. Thus, through the sponsorship of companies like FTX Trading, Red Bull, and Mercedes cars will carry the logos of major crypto projects, which have become the competition’s biggest sponsors.
FTX Trading (Mercedes-AMG Petronas)
Considered one of the largest cryptoasset exchanges in the market, FTX Trading is one of the main sponsors of Mercedes-AMG Petronas. FTX Trading’s logo is printed on the UK team’s car models through the partnership between the crypto platform and the racing team.
The FTX sponsorship was disclosed at the end of 2021. The overalls of drivers Lewis Hamilton and Valtteri Bottas also feature the exchange logo that sponsors the Formula 1 team.
Crypto.com (Formula 1)
Unlike FTX Trading, the Crypto.com platform has decided to sponsor its own Formula 1 competition. As such, the exchange has no direct partnership with the teams.
In total, Crypto.com’s sponsorship is estimated at US$100m. With the partnership, the cryptoasset exchange also changed the name of the Miami GP runway, which will now be called Crypto.com Miami Grand Prix.
Binance has also decided to bet on Formula 1 through a partnership with the racing team. In addition to the sponsorship that guaranteed the exposure of the exchange logo on the team’s car for the 2022 season, a token was launched in partnership with Alphine, which owns the Spanish drivers Fernando Alonso and French Esteban Ocon.
Fantom (Alpha Tauri)
Fantom has also decided to close a 2022 Formula 1 season sponsorship. The platform has chosen the Alpha Tauri racing team to display its logo on two parts of the team’s car.
The platform’s brand is also displayed on the helmet and caps worn by drivers Pierre Gasly and Yuki Tsunoda.
Seeking to provide more visibility for the brand, Tezos is also a significant sponsor of F1 in 2022. Through a partnership with McLaren, the crypto platform has struck a partnership that could last for several years.
In addition to Formula 1, Tezos is sponsoring the team in the Indycar car competition and has launched a collection of non-fungible tokens from the McLaren racing team.
Floki (Alpha Romeo)
Recently, Floki announced a partnership with Alpha Romeu F1 Team Orlen and joined the group of major platforms in the crypto world that sponsor the competition teams.
The Floki platform brand will be printed on the rear wings of the cars driven by Valtteri Bottas and Zhou Guanyu.
Velas Network (Ferrari)
Through a partnership with Swiss startup Velas Network, Ferrari has announced a sponsorship that could be valid for several years. In addition to sponsoring the team in Formula 1 during the 2022 season, the crypto company will support the Italian carmaker in F1’s online competition.
Bybit (Red Bull)
Like Mercedes, which has signed a partnership deal with FTX Trading, Red Bull’s (RBR) Formula 1 team will receive sponsorship from cryptoasset exchange ByBit.
The crypto platform has shelled out US$ 150m for the sponsorship, becoming one of the leading names funding the team. In addition to the million-dollar investment, Bybit may develop tokens for RBR and solutions created from blockchain technology for the team’s improvement in competition.