FTX snaps up reigning Formula 1 champion
Decidedly, the craze of partnerships between sports institutions and cryptocurrency exchange platforms does not seem to be over. This Thursday, September 23, exchange FTX announced that it has signed a long-term sponsorship deal with Formula 1 (F1) team Mercedes-AMG Petronas.
Welcome to the Team, @FTX_Official
An exciting new partnership with the leading crypto exchange, for the remainder of 2021 and beyond pic.twitter.com/ON6GOHA1VQ
– Mercedes-AMG PETRONAS F1 Team (@MercedesAMGF1) September 23, 2021
The duration of the deal was not disclosed, but FTX said it will span several race seasons. As such, the FTX logo will be prominently displayed on the drivers’ cars as well as on their suits and caps.
“Their innovative spirit and creative energy in such a rapidly developing global industry makes them an ideal partner in our own relentless pursuit of performance,” said Toto Wolf, F1 Team Principal and CEO of Mercedes-AMG Petronas.
The partnership will be unveiled and take effect at the upcoming Russian Grand Prix in Sochi on September 26. In addition, Mercedes has announced that the team’s two drivers, Lewis Hamilton and Valtteri Bottas, will be able to be used by FTX to showcase and extend their brand’s reach to Formula 1 fans.
A look at the caps worn by the drivers at each Grand Prix, featuring the FTX logo
Mercedes also announced that it will continue to engage with FTX in the rollout of other strategic cryptocurrency initiatives. In particular, the statement refers to the integration of FTX Pay – without specifying to what extent – and the launch of an NFT collection, the date of which will be communicated later.
Everything is rolling along between sports and cryptocurrencies
While FTX has signed a number of partnerships in the sports industry in recent months, this one is the first with a Formula 1 team. Still, motorsport is not left out.
Last June, the crypto exchange platform Crypto.com signed a $100 million partnership agreement with Formula 1 itself. Their logo appears on thes on each of the circuits during the grand prix. Earlier, they became sponsors of the historic Aston Martin team, while French blockchain company Tezos (XTZ) put its logo on RedBull’s single-seaters.
FTX itself has spent more than $400 million on such deals with various sports organizations. The first to date being the Miami Heat NBA team, but there is also Major League Baseball (MLB), or the e-sport team TSM, for more than 210 million dollars.
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About the author : Lilian Aliaga
Freelance writer located between Paris and Toulouse. I want to share my passion for the world of crypto-currencies with as many people as possible. I am also interested in technical analysis and trading.
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