TLDR
- Formula 1 and Crypto.com have extended their partnership until 2030, continuing a relationship that began in 2021 with Crypto.com as the official cryptocurrency sponsor
- Formula 1’s audience has grown to 750 million fans worldwide since the start of the partnership, with 1.5 billion TV viewers and 96 million social media followers.
- Crypto.com’s user base has grown from under 10 million to over 100 million customers during the partnership period
- The platform continues to expand sports partnerships, including recent launches with the Philadelphia 76ers for the Web3 game and a professional golf competition featuring top players.
- Although financial terms were not disclosed, the deal maintains Crypto.com’s presence at major F1 events, including title sponsorship of the Miami Grand Prix
The world’s best motorsport organization Formula 1 has announced a multi-year extension of its partnership with cryptocurrency exchange Crypto.com, extending the partnership until 2030. The renewal builds on their original deal from 2021, which marked Formula 1’s first major cryptocurrency venture.
As part of the renewed partnership, Crypto.com will retain its position as Formula 1’s official cryptocurrency sponsor and will continue to have a strong presence at key events throughout the racing calendar. One of the most prominent aspects of this partnership remains the platform’s title sponsorship of the Miami Grand Prix, a role it has held since the race’s introduction to the Formula 1 calendar in 2022.
The partnership extension comes at a time when both organizations have experienced significant growth. Formula 1 has greatly expanded its global reach since 2021 and now boasts a fan base of 750 million people worldwide. The sport’s television audience has reached 1.5 billion viewers, while its social media following has grown to 96 million across various platforms.
Crypto.com saw parallel growth during the partnership period. The Singapore-based cryptocurrency exchange has expanded its user base from less than 10 million customers in 2021 to more than 100 million users worldwide, according to the latest data released by the company.
The platform’s commitment to sports partnerships goes beyond Formula 1. Recently, Crypto.com partnered with the Philadelphia 76ers to launch “Spectrum Sprint,” a free-to-play mobile game that incorporates elements of Web3. The game features pixel art and side-scrolling gameplay that allows players to navigate Philadelphia landmarks while competing for digital collectibles in varying difficulty levels.
In the golf sector, Crypto.com announced the Crypto.com Showdown, a professional golf tournament featuring renowned players including Brooks Koepka, Bryson DeChambeau, Rory McIlroy and Scottie Scheffler. The event offers prizes denominated in CRO, the native token of the Cronos network.
The market strategy of the stock exchange strongly emphasized sports partnerships. In addition to Formula 1, Crypto.com maintains sponsorship deals with several major sports organizations, including the UFC and FIFA. One of his most notable moves was securing the naming rights to the former Staples Center in Los Angeles, now known as the Crypto.com Arena.
While the specific financial terms of the Formula 1 partnership extension were not disclosed, both organizations declined to comment further on the monetary aspects of the deal.
The renewal demonstrates Formula 1’s continued ability to attract non-traditional sponsors while expanding its commercial relationships. The sport is actively seeking to broaden its appeal, particularly in markets such as the United States where it has traditionally had less of a presence.
For Crypto.com, the expansion represents a continuation of its strategy to build brand awareness through high-profile sports partnerships. Despite being smaller than some of its competitors such as Binance and Coinbase, the platform has managed to establish strong brand recognition in the competitive cryptocurrency exchange market.
The partnership began during a period of rapid growth in the cryptocurrency sector and has been sustained through various market cycles. The renewal comes as the broader cryptocurrency industry faces increased regulatory scrutiny and market volatility.
The extended agreement ensures that Crypto.com will retain its role in the Formula 1 Sprint Qualifying Series, where it has been a partner since the format’s inception. This aspect of the partnership aligns with Formula 1’s efforts to innovate and introduce new racing formats to attract fans.
Crypto.com’s presence will continue to be visible on Formula 1’s digital platforms and at physical race venues throughout the season. The partnership includes branding rights and activation opportunities at Grand Prix events around the world.
The partnership has developed alongside Formula 1’s wider digital transformation initiatives as the sport continues to embrace new technologies and digital experiences for fans. This alignment has helped both organizations reach a younger, tech-savvy audience.
The latest development in this partnership has seen both organizations reaffirm their commitment to working together until the end of the decade, with the announcement in a joint statement released on Thursday.
