Cryptocurrency exchange Crypto.com announced that it will be partnering with Formula 1 for its racing series this season.
Formula 1 announced today that Crypto.com will be its new global partner and inaugural sponsor for the 2021 Sprint Series, which is scheduled to start on July 17. CNBC reported that the agreement was valued at $100 million. The exchange will be the official cryptocurrency sponsor of the racing series and nonfungible token partner, or NFT.
Ben Pincus, Formula 1's director for commercial partnerships, stated that "we will heavily rely on [Crypto.com] expertise as we examine the world of cryptocurrency. An area we are very keen in and this will be first time as a sports we are able offer fans the chance to explore this exciting realm as we further increase our digital footprint."
Formula 1 suggested that race car drivers could be eligible to win a crypto-themed award. This will be announced before the Belgian Grand Prix on Aug. 29. The racing series also stated its intent to comply with Crypto.com's May pledge to become carbon neutral within 18 months. It plans to be "net zero carbon" by 2030.
Cointelegraph was told by Kris Marszalek, Crypto.com CEO and cofounder. "It is part of the DNA of organizations such as ours to find smart, technology solutions to difficult problems like climate change."
A partnership was finalized in March and Crypto.com's logo will be displayed on Aston Martin's team for Formula 1 events. Marszalek stated that the exchange would use the partnership to promote other cryptocurrency products.