Cryptocurrency ups its game in Formula One with a $100 million deal
With cryptocurrency continuing to grow and develop, Formula One has recognized its potential and will collaborate with the cryptocurrency exchange, Crypto.com. This arrangement is said to be worth $100 million and will give Crypto.com top-bill branding slots at the upcoming British Grand Prix’s four qualifying sessions. Furthermore, the agreement provides the crypto exchange with trackside advertising real estate for the remainder of the 2021 season.
Read more about Formula One, including their most recent announcement that PokerStars will be the European betting sponsor until 2023.
Despite the excitement, this is not the sports team’s first step into the bitcoin market. Earlier this year, Crypto.com and Aston Martin Cognizant announced a partnership. This past relationship aided in the creation of NFTs of the new Aston Martin F1 car’s first minutes on the circuit.
Because of Crypto’s vagueness at the time, this initial partnership was not set in stone and even came as a surprise. This is no longer the case, as people are embracing it and recognizing it as a valuable tool that, when used effectively, can solve a wide range of issues.
Despite the uncertainty that has surrounded Crytpo, they have made a comeback, and last year they began to regain momentum. The maturity of the crypto sector is the key difference between now and the uncertainty in 2017. The difference between today and then is that institutions are now part of the games. It’s a lot more sophisticated, and Aston Martin went with Crypto.com for peace of mind. While Crytpo.com has a large presence in the digital currency sector, the relationship is closer to that of a traditional race team and sponsor.
In any new market, there will be volatility. The Aston Martin Formula One team went into this arrangement with their eyes wide open, but they are highly enthusiastic about the future. The concept of cryptocurrency is tough to grasp. Even seasoned industry insiders admit this truth. Traditional banking experts’ maturity and confidence in crypto, on the other hand, must imply that it has enormous potential.
Formula One teams around the world are always pushing the limits of what is possible on the track. As any of the teams’ engineers will tell you, getting the cars to move as quickly as they do is a major accomplishment in and of itself. With this in mind, the complexity of Formula One and cryptocurrencies is a perfect combination.