Formula 1 announced Crypto.com becomes a new global partner and Inaugural partner of the new F1 Sprint series for 2021. The Inaugural event of the new series is on 17th July at SilverStone.
Crypto.com will receive trackside slots at F1 races for the remainder of the season. The new F1 sprint with an international racing platform partnered with an emerging crypto platform with millions of users worldwide. The terms and agreement were not provided, but according to CNBC, it’s a five-year deal that totals over US$100 million.
Crypto.com says it has more than 10 million users worldwide on its platform. Its app is available for Apple and Android devices. The crypto.com Visa card is the world’s most famous crypto card available in 30+ countries worldwide.
Crypto.com will also become the official Cryptocurrency Sponsor and NFT partner of F1. It will also present a brand new award which will be announced ahead of the Belgian Grand Prix.
Kris Marszalek, co-founder and CEO of crypto.com said the company will be working with F1 on the development of exclusive NFTs.
Crypto.com plans to become carbon negative
Aligning with the sustainability plan for F1 to be Net Zero carbon as a sport by 2030, crypto.com announced an ambitious pledge in May 2021. It plans to become carbon negative within 18 months, offer the industry a path and a model for “clean crypto,”.
The plan will first focus on the assessment of carbon generated through cryptocurrency trading, deposit, and withdrawal activities across its own entire platform. Then by reevaluating the ways it operating throughout the business outside of trading.
Stefano Domenicali, President and CEO of Formula F1, said, “we are pleased to welcome Crypto.com to the Formula F1 family as we continue to attract progressive global brands anchored in performance and innovation.”