Formula 1 has announced that it will extend its partnership with Crypto.com. According to the official announcement on December 19th, Formula 1 has declared that it will continue to work with Crypto.com until 2030.
The extension comes as crypto sponsorship in sports has seen a steady rise, with multiple sports seeing influx of money via crypto firms.
Crypto.com To benefit From F1 Deal Extension
Since 2021, the two brands have collaborated, and this renewal demonstrates their ongoing dedication to the expansion and benefits the collaboration offers to both sides.
During those years, Formula 1 also saw tremendous development, with a total of 1.5 billion TV viewers viewing its Grands Prix, 750 million fans worldwide, and 96 million social media followers.
Meanwhile, Crypto.com’s user base more than tenfold increased to over 100 million users worldwide.
What Will The New Collaboration Include?
With the new collaboration, Crypto.com will concentrate on developing unique fan experiences and activations at various Grands Prix. The brand will also be present at important races all season long.
Since its first race in 2022, Crypto.com has also been the Official Title Partner of the Formula 1 Crypto.com Miami Grand Prix, and it will remain so.
Crypto.com Excels Sports Sponsorship
Crypto.com has been excelling in the field of sports sponsorship for quite some time now. Just previously, the platform had announced a multi-year relationship between UEFA and Crypto.com.
This made Crypto.com the first and only global cryptocurrency platform partner of the UEFA Champions League. With the goal of increasing fan interaction and providing football fans around the world with cutting-edge experiences, this partnership represents a major turning point in the sports and cryptocurrency industries.
Sports Sponsorship Sees Steady Rise Globally
For a while now, the idea of cryptocurrency sponsorship has been gaining popularity. Because sports are popular, they help cryptocurrency companies establish their brands and attract a larger audience.
When cryptocurrency companies sponsor sports events, they typically notice an increase in customers and good marketing. This approach is used by many Bitcoin businesses to contribute significantly to sports sponsorship.
In a same vein, Binance collaborated with Cristiano Ronaldo to offer unique trading sessions. Redefining what a digital fan is was the aim of the agreement.
This trend has coincided with an increase in the amount of Bitcoin sponsorships for English football teams. A record-breaking £130 million ($170 million) has been spent by cryptocurrency companies on partnerships for the 2024–2025 Premier League season, according to a Bloomberg story. If new partnerships are regularly announced throughout the season, that number is likely to increase much further.
Similarly, after agreeing to a £20 million sponsorship contract with a digital asset platform, Chelsea Football Club had moved past the Roman Abramovich era.