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.
Featured Image by “urv” via Pixabay.com
