Formula 1 News

Mercedes suspend FTX partnership

German Formula One team Mercedes have suspended their partnership with cryptocurrency exchange FTX. The announcement comes after FTX having been put under investigation by the US Securities and Exchange Commission (SEC). The company has recently filed for bankruptcy as well.  

As a result of the suspension of the Mercedes-FTX partnership, all FTX branding will be removed from the Mercedes race cars and other team assets.

Mercedes had brought FTX on board as an Official Partner in September 2021.

Reports allege that a house-owned hedge fund held billions of dollars in FTX’s currency and was using it as collateral in further loans. FTT, which is FTX’s own currency, has recently dropped to US$2 per token from US$25 in just a matter of a few days.

Mercedes released a statement, which read:

As a first step, we have suspended our partnership agreement with FTX. This means the company will no longer appear on our race car and other branded assets from this weekend. We will continue to monitor the situation closely as it evolves.

Apart from Mercedes, FTX also has a US$135m partnership with NBA team Miami Heat, who are set to rename their arena to “FTX Arena” till 2040. FTX also serves as the Official Cryptocurrency Brand of Major League Baseball. 

Aditya Chaudhuri

Hailing from the City of Joy, the things that bring me joy are cricket, a good non-tilt CS:GO session, F1 and movies.

Recent Posts

F1 Japanese Grand Prix 2025 Review: Max Verstappen shows class to snatch Japanese Grand Prix win

Red Bull driver off the mark for F1 2025 Reigning World Champion Max Verstappen got…

5 hours ago

Is it time for MS Dhoni to retire from the IPL?

Mahendra Singh Dhoni has been an integral part of the Chennai Super Kings since the…

1 day ago

IPL 2025 | Match 20: MI vs RCB | Preview and Predictions

Match 20 brings us a colossal tussle between two heavyweights of the Indian Premier League…

1 day ago

F1 Japanese Grand Prix 2025 Qualifying Review: Max Verstappen stuns to grab pole at Japanese Grand Prix

Verstappen's first pole of the season Reigning World Champion Max Verstappen showed class to steal…

1 day ago

Kevin De Bruyne bids adieu to Manchester City

Belgium National team and Manchester City captain Kevin de Bruyne announced today that he will…

2 days ago

IPL 2025: SunRisers Hyderabad Sponsors

This article contains information regarding the organisations enjoying a strong branding presence across Indian Premier…

2 days ago