In summary
- Formula 1 renewed its partnership with Crypto.com until 2030, consolidating its relationship that began in 2021.
- Crypto.com will continue to stand out at key events such as the Miami Grand Prix, which it has sponsored since 2022.
- Both entities have grown remarkably, with F1 attracting 750 million fans and Crypto.com surpassing 100 million users.
Formula 1 has renewed its partnership with Cryptocurrency exchange Crypto.com, extending the agreement until 2030, as both entities look to capitalize on their shared momentum.
The renewed partnership will allow Crypto.com to continue to stand out at key Formula 1 events, including the Miami Grand Prix, where it has been the title sponsor since the start of the race in 2022.
The agreement, initially signed in 2021, marked Formula 1’s foray into the crypto ecosystem at a time when digital assets were experiencing explosive growth.
The initial partnership positioned Crypto.com as the sport’s official cryptocurrency sponsor and global partner for the then-new Sprint Qualifying Series.
It coincided with Formula 1’s push to expand its global presence and attract younger audiences, particularly in untapped markets, including the United States.
For Crypto.com, the deal was part of an aggressive marketing campaign to establish itself as a household name in the digital finance sector.
Since 2021, both parties have grown significantly. Formula 1 now has a global fan base of 750 million, a cumulative television audience of 1.5 billion and 96 million social media followers.
Crypto.com, which had fewer than 10 million users when the partnership began, says its platform now serves more than 100 million customers worldwide, according to a joint statement Thursday.
Terms of the deal, including how much Crypto.com paid Formula 1, were not disclosed. A spokesman said both sides have declined to comment further.
Crypto.com’s marketing strategy has been based primarily on sports sponsorships.
In addition to Formula 1, the Singapore-based platform has secured deals with the UFC, FIFA and the Los Angeles Lakers, rebranding Staples Center as Crypto.com Arena in a high-profile move.
Despite being smaller than industry giants like Binance and Coinbase, Crypto.com has built significant brand recognition in a highly competitive market.
The extension comes at a time when the cryptocurrency industry faces increased regulatory scrutiny and market fluctuations.
For Formula 1, the deal represents a vote of confidence in the sport’s ability to attract non-traditional sponsors while continuing to expand its commercial portfolio.
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