As of 01/07/2021
Crypto.com has struck yet another home run. This time it has signed a multi-million dollar deal with Formula 1. With the British Grand Prix season just around the corner, the crypto company has signed the deal which is stated to have a valuation of more than 100 million dollars.
With the deal, Crypto.com gets prime time advertising slots at the Sprint qualifying rounds. Sprint is a new qualifying format in which a distance of 100 kms has to be covered in 25-30 minutes. Along with this, Crypto.com also gets side track presence in all of the remaining F1 races. The deal is speculated to be present for the next 5 years.
Crypto.com’s association with sporting events is not new. It has also sponsored Italy’s Coppa Italia. It also endorses a team in the National Hockey League. And just around March this year it signed a deal with Aston Martin.
With a user base of more than 10 million worldwide and a presence in more than 30 countries, Crypto.com is a force to be reckoned with. The fastest growing crypto platform leads in both the App Store and Google Play.
Discussion
Around 80% of F1 teams have at least one crypto partner, in addition to Formula One Group itself, which has its own $100 million-deal with Crypto.com. McLaren’s OKX sponsored Formula One racecar. But as an adverse effect just after Crypto.com announced that it had served as a primary sponsor for F1’s Miami Grand Prix — the crypto market crashed at that time.