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Formula 1 Renews Crypto.com Partnership Through 2030
Formula 1 has announced a multi-year extension of its partnership with cryptocurrency exchange Crypto.com, which will run through the year 2030. This move solidifies Crypto.com’s position as Formula 1’s official cryptocurrency sponsor and title sponsor of the Miami Grand Prix.
Since the initiation of their collaboration in 2021, both organizations have witnessed substantial growth. The sports world has gained a massive following with Formula 1 boasting an astonishing 750 million fans worldwide, accompanied by a television audience reach exceeding one billion viewers. In contrast, Crypto.com’s marketing strategy has heavily relied on non-traditional partnerships in the sport of Formula 1 to enhance brand recognition.
The partnership extension signifies Formula 1’s continued ability to attract unorthodox sponsors while expanding its commercial relationships. The organization has been actively working to expand its appeal, particularly in markets such as the United States where it has historically had less presence.
For Crypto.com, this renewal embodies a continuation of its approach to build brand awareness through high-profile sports partnerships despite being smaller than some competitors like Binance and Coinbase. The platform has managed to create strong brand visibility within the competitive cryptocurrency exchange market.
The renewed agreement allows Crypto.com to maintain its role in Formula 1’s Sprint qualifying series, where it has been a partner since the format’s introduction. This aspect of the partnership aligns with Formula 1’s efforts to innovate and introduce new racing formats to captivate fans.
Source: blockonomi.com
