F1 Joins Cryptocurrency Bandwagon as Teams Like Mercedes & McLaren Reel In Sponsorships

Most of us know that Sebastian Vettel won the 2021 Crypto.com Overtake award, but only a few are aware of this upcoming relationship between F1 and Crypto companies. We will try to break this down in this article for you. As many are already aware, Cryptocurrency or crypto is a digitized asset with no third-party involvement. Crypto companies use cryptography and blockchain technology.

Blockchain is a more disruptive technology that’s indirectly inching closer to mass adoption. Formula 1, often regarded as the pinnacle of technological innovation in automobiles, fits well with this worldwide ledger. So, blockchain technology can serve as an adjacent research and development lab for new technological experiments in the F1.

More recently, there have been several Crypto companies that have partnered with the F1 team. The one at the top is Crypto.com, which served as the inaugural global partner of the F1 Sprint series. It is the fastest-growing Crypto trading platform, with over 20 million users across the world. This partnership with Formula 1 can take their popularity to another level.

F1 teams reeling in Crypto sponsorships

F1 has seen a dramatic rise in popularity and viewership in the last few years. The 2021 F1 season invited a lot of traction, growing exponentially towards the end. As per the data from ESPN, “963,000 viewers on ESPN2 watched Max Verstappen beat Lewis Hamilton on the last lap to win the 2021 Formula 1 World Championship.”

The same data suggests that the 2021 season average was up 54 percent over the 2020 season and up 39 percent vs. the 2019 season average. So, Formula 1 can serve as a great platform for Crypto companies to become mainstream. Talking about the deals, FTX.com has partnered with Mercedes F1 Petronas AMG to capture an additional market after signing additional partnerships with MLB.

Aston Martin F1 team has also partnered with Blockchain Algorithm recently, and McLaren also closed a sponsorship deal with Tezos and the Bitci crypto exchange. Pierre Gasly announced a partnership with Fantom Foundation, becoming another blockchain partnership in the industry.

The two industries are among the fastest-growing in their respective spaces. Consequently, F1 can help crypto companies reach the niche and exalted audience. As the sport enters a new era, this relationship can prove to be an effective one for both parties. The all-new 2022 F1 season is all set to kick off next month in Bahrain.

Most teams have launched their 2022 livery and will soon take the track for the pre-season testing. Tell us how excited are you to see the Formula 1 cars back on the track.

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