Formula 1 takes on as ‘cryptocurrency sponsor’ Formula 1 takes on as ‘cryptocurrency sponsor’
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Formula 1 takes on as ‘cryptocurrency sponsor’

The global racing body signed on the crypto firm yesterday as a crypto sponsor yesterday, with several benefits and crypto-centric initiatives on the cards.

Formula 1 takes on as ‘cryptocurrency sponsor’

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Racing body Formula 1 (F1) signed on Hong Kong-based crypto firm as its official cryptocurrency sponsor yesterday, as per a release.

“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,” said founder Kris Marszalek in a statement, adding the duo will unveil exclusive NFTs soon.

Crypto and NFTs come to F1

F1 is the world’s most prestigious motor racing competition, as well as the world’s most popular annual sporting series. And the partnership is the latest one in a long list of new sporting and branding partnerships for will be unveiled as a Global Partner and Inaugural partner of the new Sprint series for 2021, with the first event at Silverstone on Saturday 17 July, ahead of the British Grand Prix 2021. will also have a trackside presence at every race for the remainder of the season as part of a leading global partnership deal with F1.

In addition to building the world’s fastest-growing crypto platform and the leading app in both the App Store and Google Play, the Visa Card is the world’s most popular crypto card available in 30+ countries worldwide. Partnering with F1 will ensure continue to grow their brand awareness on an international stage.

Partnerships and carbon neutral has led the industry in sports sponsorships, having been the first crypto platform to partner with an F1 team (Aston Martin Cognizant Formula One), the first to partner with an NHL team (Montreal Canadiens), and the first to partner with a football league (Lega Serie A).

Meanwhile, to align with the sustainability plans for F1 to be Net Zero Carbon as a sport by 2030, announced an ambitious pledge in May 2021 to become carbon negative within 18 months, offering the industry a path and a model for “clean crypto.”

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, before reevaluating the ways it operates throughout the business outside of trading.

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