Cryptocurrency-based companies have become one of the biggest sponsors and partners in world sports today. With multiple sports clubs and teams partnering with cryptocurrency platforms, the sports industry is embracing the future.
Here we look at some of the noteworthy cryptocurrency deals that have taken place in the world of Formula One.
Formula One’s latest feature, the Sprint race, made its debut in 2021 after much anticipation.
Formula One announced that Crypo.com, the world’s fastest growing crypto platform, would be the series’ global partner in June 2021. The five-year deal is reported to be worth more than US$100 million.
The agreement sees Crypto.com get brand presence at Formula One events and receive trackside slots for the races. Crypto.com also is the Official Cryptocurrency Sponsor and NFT Partner of Formula One. The partnership also sees Crypto.com unveil the ‘Overtake Award’ which it sponsors. The award goes to the driver who completes the most number of overtakes throughout the season.
Aston Martin announced their return to Formula One in 2021 with a multi-year deal with Crypto.com in March 2021.
The partnership sees Crypto.com enjoy branding presence on the team’s Formula One cars along with digital rights as the two collaborate to create unique experiences and opportunities to traders and fans alike.
Crypto.com’s partnership with Aston Martin was the first of its kind in Formula One.
In early 2019, global cryptocurrency firm FuturoCoin signed a two-year deal with Red Bull Racing.
As part of the deal, FuturoCoin has its branding featured on Red Bull Racing’s cars and the company’s logo is also present on the drivers’ overalls and team transporters. The deal was co-brokered by WH Sports Group and CAA Sports.
Founded in 2017 by Roman Ziemian, FuturoCoin is a decentralised cryptocurrency based on open-source code. It offers a maximum supply of 100,000,000 FTO and is estimated to take around ten years to mine the full currency amount.
Before the start of the 2021 F1 season, British team McLaren signed a long-term deal with Turkish cryptocurrency exchange Bitci.com.
The deal sees Bitci.com and McLaren collaborate to create their own official fan token, a first of its kind in Formula One, and Bitci.com also enjoys branding presence on the McLaren cars and helmets of both their drivers.
Global blockchain platform Fantom, which is designed for instant transactions with low costs, signed a partnership with Scuderia AlphaTauri in May 2021, joining the Italian team as their Official Partner.
The deal sees Fantom’s logo visible on the halo of the AlphaTauri cars and with the platform also using the team’s platform to grow on a global scale.
Aside from the partnership, AlphaTauri’s driver Pierre Gasly also continues his role as a brand ambassador for Fantom, a deal he signed in April 2021.
Energy-efficient blockchain company Tezos signed a multi-year partnership with Red Bull Racing Honda in May 2021, joining the Austrian team as their Official Blockchain Partner.
Tezos uses an energy-efficient, open-source blockchain for assets and applications that evolve with the latest advancements in the industry. It also uses an energy-efficient approach to secure its network which means it can operate cleanly, with minimal energy consumption and a negligible carbon footprint.
As part of the deal with Red Bull Racing, Tezos has launched the team’s first NFTs on its blockchain and advertises itself on the drivers’ helmets and cars of the F1 team.
Aston Martin Cognizant and Alfa Romeo Racing ORLEN became the first Formula One teams to launch cryptocurrency fan tokens in May 2021 after inking a deal with Socios.com. The teams are now able to offer fan tokens through the Chiliz blockchain.
These fan tokens give the fans a chance to participate in voting decisions, earn VIP rewards and get exclusive offers and rewards. Fans can also trade the tokens on the crypto market.
As part of the deal, the teams also get a percentage commission of each token solid along with a share of trading fees that is generated by selling or buying the tokens.
In 2019, former Haas driver Romain Grosjean became the first-ever driver in the sport to endorse the cryptocurrency.
The French driver signed a deal with Soccer Coin, which would see him advertise the firm’s logo on his helmet.
Founded in 2018, Soccer Coin is a digital infrastructure for the exchange and storage of data, allowing fast transactions. It is a product with the potential to benefit all areas of sport – from national to club level – as well as support welfare and environmental projects.
The entire Grosjean and Soccer Coin deal was administered by Soccer Coin’s cryptocurrency.
Launched in 2018, Omnitude strives to revolutionise connectivity between blockchain technologies and enterprise systems.
The partnership sees Omnitude receive branding presence on the drivers’ overalls, senior personnel and on the Williams race car as well. The UK-based firm works with the Formula One team to highlight how the blockchain technology can be implemented into everyday businesses as well.
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