Formula One has extended its global partnership with cryptocurrency exchange Crypto.com.
Contract:
- Crypto.com will remain a global partner until 2030
- Company will create exclusive fan experiences and activations at a range of Grands Prix, with the brand also featuring at key races throughout the season
- Crypto.com will also remain title partner of the Miami Grand Prix
Context:
F1 and Crypto.com first partnered in 2021 in a deal originally due to run until 2025. The agreement was worth a reported US$100 million in total.
Crypto.com also previously partnered with the Aston Martin F1 Team and currently has a deal with European soccer’s governing body Uefa as the exclusive global cryptocurrency partner of the Champions League.
Formula One’s other top-tier global partners include Aramco, DHL, Heineken, MSC Cruises and Qatar Airways, among others.
Comment:
“We’ve enjoyed a great partnership with Crypto.com since 2021 and this extension will make them one of our longest-term partners,” said Emily Prazer, Formula One’s chief commercial officer.
“Our sport has changed significantly in that time, so we’re delighted to have them continue with us until 2030 and we look forward to seeing how they engage with fans through their race activations.”
Steven Kalifowitz, chief marketing officer of Crypto.com, added: “Formula One was one of our first global sports partnerships and a key driver in elevating Crypto.com to the most recognised crypto brand in the world.
“We are as bullish as ever about the future of crypto. We can confidently say crypto is here to stay, and we are excited to keep the momentum going with Formula One.”
Coming next:
Crypto.com’s new deal is one of several commercial contracts that will kick in for Formula One in 2025, when LVMH will enter the series as a global partner and Lenovo will upgrade its existing relationship with the championship to join its top-tier sponsorship category.
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