Formula 1 (F1), one of the most popular forms of racing around the globe, has gone crazy for all things crypto over the last several years.
According to a report by CNN, F1 has continued to embrace cryptoassets, despite the market imploding over the past few weeks. Of the ten F1 teams racing in the high-profile international series, eight have a crypto-related sponsor. The report also credits the sport receiving a “huge ratings boos,” over the last several years due to the popularity of Netflix’s “Drive to Survive” reality show.
Crypto.com, one of the world’s top crypto exchanges, has a multi-year naming rights deal for Miami’s F1 race, in addition to a partnership with the Aston Martin F1 team. Red Bull and Ferrari, two of the top F1 teams so far this season, have both announced recent crypto sponsorships. Ferrari has entered a deal with blockchain company Velas, while Red Bull has inked a sponsorship with crypto exchange Bybit.
McLaren, another popular F1 team, has formed a long-term deal with crypto exchange OKX to make the company its leading sponsor.
Haider Rafique, global chief marketing officer for OKX, told CNN:
We’re not just putting our logo on McLaren cars. We’re helping Mclaren with NFTs and the metaverse.
McLaren Racing CEO Zak Brown called crypto a “massive industr,” that is “clearly here to stay.” He praised crypto fans for being savvy, tech-focused consumers.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.