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Formula 1 has announced a partnership with cryptocurrency exchange Crypto.com for its racing series this year.
As announced by Formula 1, Crypto.com will be the new partner for its 2021 Sprint series. As part of the agreement with the series, which is set to begin mid-July, the exchange will stand as the series’ official cryptocurrency-focused sponsor as well as the official non-fungible token (NFT)partner.
As per the announcement, Formula 1 wants to look for new ways for fans to engage more directly with the sport. Looking to innovative technology stands as part of that exploration as well as offering a fan-first approach to the sport. According to Formula 1, the new partnership offers fans a democratized stepping stone to engage with the sport, the teams, and the drivers and learn and gain new experiences at the same time.
Increasing digital presence through blockchain technology
Formula 1’s director of commercial partnerships Ben Pincus noted that the team is excited to be providing a new format for fans this year. He stated:
“We are thrilled to announce Crypto.com as a Global Partner and lead partner of the Sprint event as we bring this exciting new format to fans for the first time this year. We will rely heavily on their expertise as we explore the world of cryptocurrency, an area we are very interested in, and this will be the first time as a sport we are able to offer fans the opportunity to explore this exciting world as we further increase our digital presence.”