Crypto.com, the fastest-growing crypto platform, has been named the first global sponsor of Formula 1’s new Sprint series for 2021. The first event will take place at Silverstone on Saturday, July 17th, during the Formula 1 Pirelli British Grand Prix. As part of a landmark worldwide cooperation agreement with Formula 1, Crypto.com will also have a trackside appearance at every race for the rest of the season.
On Saturday afternoon of the chosen dates, the new Sprint format will see drivers fight it over 100km, and the results from the Sprint will decide the grid for Sunday’s Grand Prix full-distance.
F1 belongs to Liberty Media Corporation, which acquired $4.4 billion of the worldwide competition in 2016. For the negotiation of the agreement, F1 utilized the sports agency Creative Artists Agency.
Stefano Domenicali, President and CEO, Formula 1, said: “We are pleased to welcome Crypto.com to the Formula 1 family, as we continue to attract progressive global brands anchored in performance and innovation.”
Ben Pincus, Director of Commercial Partnerships at Formula 1, said: “We are thrilled to announce Crypto.com as a Global Partner and lead partner of the Sprint event as we bring this exciting new format to fans for the first time this year. We will rely heavily on their expertise as we explore the world of cryptocurrency, an area we are very interested in, and 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 are revered in the industry and their experience was key in the decision to partner with them, as well as the company’s commitment to becoming carbon negative, as we continue to move towards sustainability goals of our own.”
Kris Marszalek, co-Founder and CEO of Crypto.com, added: “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. We’re also excited to partner with F1 in the development of exclusive NFTs, connecting fans to the sport in new and innovative ways.”
Crypto.com claims to have over 10 million members on its network and an app accessible for Apple and Android smartphones. The business earns money through service fees and has other sports agreements, including F1 club Aston Martin and NHL team the Montreal Canadiens.