Following in the footsteps of sports teams such as Manchester City football club, which recently launched its own crypto coin, Formula 1 has now announced its plans to partner with Crypto.com to offer an award for overtaking.
The award was unveiled ahead of the Belgian Grand Prix, with the crypto exchange service also named F1’s official NFT partner.
Formula 1’s official website says: “The award, which is the first of its kind, is designed to recognise the courage of drivers who make bold moves in pursuit of success.” The Crypto.com Overtake Award is presented to the driver who makes the most overtaking moves during the season. The winner of the award will be presented with a trophy.
F1 Director of Commercial Partnerships Ben Pincus explains that the award recognises drivers who make bold, strategic moves on the track. These moves reflect the qualities required when trading cryptocurrencies.
Crypto.com CMO Steve Kalifowitz shared that the company strives to create partnerships and provide win-win opportunities. The Crypto.com Overtake Award focuses on these very values and will validate the drivers’ successes.
This Formula One season has already been quite exciting for fans so far. It is expected that the races will get even more exciting as drivers compete for the new award. So far, Sebastian Vettel is at the top of the leaderboard with the most overtakes this season.
As well as partnering with Formula 1 on the overtaking award, Crypto.com’s logo will be seen at every race on the circuits for the rest of the season. This is a big move for the company and could generate a lot of traffic for its crypto exchange.
According to CMC, there are currently 18,998 crypto exchanges. In such a crowded market, we can expect to see more crypto companies partnering with sports teams, global events, and other big names to stay competitive. The fact that in addition to the new award, Crypto.com has also become the official sponsor of Formula 1 suggests that this partnership could be a long-term one.
To draw attention to the new partnership, Crypto.com has launched contests on Twitter for Formula 1 fans to participate in. The Twitter contests will ask fans to predict the winner of Crypto.com’s overtaking prize. The winner will receive an AstonMartinF1 X Crypto.com travel bag.
Formula 1’s partnership with Crypto.com marks the beginning of a new era of sports awards and sponsorship. Could it be that given the increasing popularity of cryptocurrencies will soon see cash prizes replaced by cryptocurrencies? Crypto.com is clearly making moves to compete with Binance and become the next largest crypto exchange, and they won’t be the only crypto company with big plans and partnerships in their sights. You can expect to see news of more crypto tokens very soon.