Formula 1 just booked five figures in sponsorship revenue because of crypto.
Crypto.com announced a five-year, $100 million partnership with the iconic racing series on Tuesday. The deal will bring visibility to the crypto company at F1 events.
Crypto.com is a trading platform that also offers a Visa card. It recently launched an NFT platform, as well. Aston Martin’s F1 team already offers NFTs through Crypto.com, and F1 plans to do the same.
Several cryptocurrency platforms are using sports to grow brand awareness.
- On Tuesday, FTX announced a partnership with Tom Brady and Gisele Bündchen. FTX also agreed to a sponsorship deal with MLB last week and earned the naming rights for the Miami Heat’s arena in June.
- In September, eToro announced a dozen European soccer sponsorships, including deals with the Premier League’s Crystal Palace, Everton, and Leicester City, as well as multiple Bundesliga clubs.
- Other Crypto.com partners include Serie A and the NHL’s Montreal Canadiens.
F1, which was bought by Liberty Media in 2016 for $4.4 billion, saw its revenue bounce back to $180 million in Q1 2021, up from $39 million in the same period last year.
Viewership is up 53% this year compared to 2020, and 38% from 2019.