F1 lands $100 million cryptocurrency sponsorship deal (Update)

UFC this morning announced a new deal with Crypto.com worth $175 million total over 10 years.

This comes after signing a $100 million 5-year deal with F1.

Formula 1 announced Crypto.com, the fastest-growing crypto platform with over 10 million users worldwide, as the inaugural global partner of the new Sprint series for 2021, with the first event at Silverstone on Saturday July 17th, at the Formula 1 Pirelli British Grand Prix.

As part of the agreement, Crypto.com will get brand presence around F1 events, including the new Sprint qualifying format that will be used in some races to determine the starting positions of the cars. Crypto.com will also receive trackside slots at F1 races for the remainder of the season.

The company will also introduce a new award at F1′s Belgian Grand Prix in August and become its NFT partner. The Crypto.com agreement takes effect on July 17, a day before the 2021 British Grand Prix at the Silverstone Circuit in England.

F1 director of commercial partnerships Ben Pincus said in a statement: “In addition to building the world’s fastest growing crypto platform and the leading app in both the App Store and Google Play, the Crypto.com Visa Card is the world’s most popular crypto card available in 30+ countries world-wide. Partnering with Formula 1 will ensure Crypto.com continue to grow their brand awareness on an international stage.

“As F1 continues to explore new ways for fans to engage and become more immersed in the sport, Crypto.com will also become the Official Cryptocurrency Sponsor and NFT Partner of F1. Mirroring the fan-first approach F1 has adopted to engage with new audiences, Crypto.com aim to democratize the world of cryptocurrency for fans, through education and experiences in the new partnership. Crypto.com will also present a brand new award, which will be announced ahead of the Belgian Grand Prix.

“Aligning with the sustainability plans for F1 to be Net Zero Carbon as a sport by 2030 Crypto.com announced an ambitious pledge in May 2021 to become carbon negative within 18 months, offering the industry a path and a model for ‘clean crypto’.

“This plan will initially focus on an assessment of the carbon generated through cryptocurrency trading, deposit and withdrawal activities across all of its own platforms, before reevaluating the ways it operates throughout the business outside of trading.”

Crypto.com says it has more than 10 million users on its platform and has an app available for Apple and Android devices. The company makes revenue from transaction fees and has other sports partnerships, including F1 team Aston Martin and National Hockey League franchise, the Montreal Canadiens.

F1 is owned by Liberty Media Corporation, which purchased the global racing entity in 2016 for $4.4 billion. F1 used sports agency Creative Artists Agency to negotiate the deal.

“We look forward to many years of innovating together,” Crypto.com co-founder and CEO Kris Marszalek, said of the F1 agreement. “We’re also excited to partner with F1 in the development of exclusive NFTs, connecting fans to the sport in new and innovative ways.”

Stefano Domenicali, President and CEO, Formula 1, said: “We are pleased to welcome Crypto.com to the Formula 1 family, as we continue to attract progressive global brands anchored in performance and innovation.”