It’s lights out and away we go! Crypto.com will join the paddock action as Formula 1’s official Cryptocurrency Sponsor. This is part of the sport’s continuing effort to explore new ways to engage and connect with fans amidst the pandemic.
Scope of Partnership: Formula 1 and Crypto.Com
Formula 1 is the pinnacle of Motorsport. Moreover, in 2020, it showed the greatest increase of any professional sporting entity in engagements across Facebook, Twitter, Instagram and YouTube. Formula 1 had a 99% increase. Thus, it is partnering with Crypto.com to continue this momentum in terms of fan engagement.
This year the racing sport is introducing a new sprint qualifying format. Crypto.com will become the inaugural partner of this new 100km qualifying race. In addition, it will have trackside presence at every race for the remainder of the season. To complete the sponsorship, the exchange will also present a brand-new award which will be announced ahead of the Belgian Grand Prix.
Ben Pincus, Formula 1’ Director of Commercial Partnerships, explained that this move is for its avid folllowers. “We will rely heavily on Crypto.com’s expertise as we explore the world of cryptocurrency, an area we are very interested in. 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’s campaign to be a leading sports sponsor
Crypto.com, which currently services over ten million users worldwide, aims to increase its brand value by sponsoring sports franchises. Recently, it announced a separate partnership with with F1 Racing Team Aston Martin. In addition, the exchange also has standing partnerships with Italian football, The Canadian NHL team and International Ice Hockey Federation.
Formula 1 is confident that they can help Crypto.com achieve its vision. The management said “In addition to building the world’s fastest growing crypto platform and the leading app in both the App Store and Google Play. the Crypto.com Visa Card is the world’s most popular crypto card available in 30+ countries world-wide. Partnering with Formula 1 will ensure Crypto.com continue to grow their brand awareness on an international stage.
Clean Crypto Initiative
Crypto.com is serious about this partnership. It is ready to make drastic changes in order to accommodate the partnership. It pledged to be carbon negative within 18 months in order to support Formula 1’ transition as a Net Zero Carbon Sport by 2030.
Crypto.com CEO and co-founder Kris Marszalek told Cointelegraph that the two organizations are ready to push for clean crypto. He said,“We are both, at the core, technology organizations focused on innovation. It is in the DNA of organizations like ours to find smart, technological solutions to hard problems like addressing climate change.”
The partnership will kick off on July 17 at the British Grand Prix at Silverstone.
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