By Nermeen Nabil Khear TLDR
- Formula 1 and Crypto.com have extended their partnership through 2030, continuing a relationship that began in 2021 with Crypto.com as the official cryptocurrency sponsor
- Formula 1’s audience has grown to 750 million fans globally, with 1.5 billion TV viewers and 96 million social media followers since the partnership began
- Crypto.com’s user base has expanded from under 10 million to over 100 million customers during the partnership period
- The platform continues expanding sports partnerships, including recent launches with the Philadelphia 76ers for a Web3 game and a professional golf competition featuring top players
- While financial terms weren’t disclosed, the deal maintains Crypto.com’s presence at major F1 events, including title sponsorship of the Miami Grand Prix
The world’s premier motorsport organization Formula 1 has announced a multi-year extension of its partnership with cryptocurrency exchange Crypto.com, stretching the collaboration until 2030. The renewal builds upon their initial agreement from 2021, which marked Formula 1’s first major venture into the cryptocurrency space.
Under the renewed partnership, Crypto.com will maintain its position as Formula 1’s official cryptocurrency sponsor and will continue to have a strong presence at key events throughout the racing calendar. One of the most visible aspects of this partnership remains the platform’s title sponsorship of the Miami Grand Prix, a role it has held since the race’s introduction to the Formula 1 calendar in 2022.
The partnership extension comes at a time when both organizations have experienced substantial growth. Formula 1 has expanded its global reach considerably since 2021, now boasting a fan base of 750 million people worldwide. The sport’s television audience has reached 1.5 billion viewers, while its social media following has grown to 96 million across various platforms.
Crypto.com has seen parallel growth during the partnership period. The Singapore-based cryptocurrency exchange has expanded its user base from fewer than 10 million customers in 2021 to over 100 million users globally, according to the latest figures released by the company.
The platform’s commitment to sports partnerships extends beyond Formula 1. Recently, Crypto.com collaborated with the Philadelphia 76ers to launch “Spectrum Sprint,” a free-to-play mobile game incorporating Web3 elements. The game features pixel art and side-scrolling gameplay, allowing players to navigate Philadelphia landmarks while competing for digital collectibles across various difficulty tiers.
In the golf sector, Crypto.com has announced the Crypto.com Showdown, a professional golf competition featuring renowned players including Brooks Koepka, Bryson DeChambeau, Rory McIlroy, and Scottie Scheffler. The event offers prizes denominated in CRO, the native token of the Cronos network.
The exchange’s marketing strategy has heavily emphasized sports partnerships. Beyond Formula 1, Crypto.com maintains sponsorship deals with several major sports organizations, including the UFC and FIFA. One of its most notable moves was securing naming rights to the former Staples Center in Los Angeles, now known as the Crypto.com Arena.
While specific financial terms of the Formula 1 partnership extension were not disclosed, both organizations have declined to provide additional comments on the monetary aspects of the deal.
The renewal demonstrates Formula 1’s continued ability to attract non-traditional sponsors while expanding its commercial relationships. The sport has been actively working to broaden its appeal, particularly in markets like the United States where it has traditionally had less presence.
For Crypto.com, the extension represents a continuation of its strategy to build brand recognition through high-profile sports partnerships. Despite being smaller than some competitors like Binance and Coinbase, the platform has managed to establish strong brand visibility in the competitive cryptocurrency exchange market.
The partnership began during a period of rapid growth in the cryptocurrency sector and has persisted through various market cycles. The renewal comes as the broader cryptocurrency industry faces increased regulatory oversight and market volatility.
The extended agreement ensures Crypto.com will maintain its role in Formula 1’s Sprint qualifying series, where it has been a partner since the format’s introduction. This aspect of the partnership aligns with Formula 1’s efforts to innovate and introduce new racing formats to engage fans.
Crypto.com’s presence will continue to be visible across Formula 1’s digital platforms and at physical race venues throughout the season. The partnership includes branding rights and activation opportunities at Grand Prix events worldwide.
The collaboration has evolved alongside Formula 1’s broader digital transformation initiatives, as the sport continues to embrace new technologies and digital experiences for fans. This alignment has helped both organizations reach younger, tech-savvy audiences.
The most recent development in this partnership saw both organizations reaffirm their commitment to working together through the end of the decade, with the announcement made in a joint statement released Thursday.
The post Formula 1 Renews Crypto.com Partnership Through 2030 appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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