F1 reveals ‘US$100m’ Crypto.com sprint race partnership

Crypto firm puts name to experimental qualifying format for 2021 season.

F1 reveals ‘US$100m’ Crypto.com sprint race partnership

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  • Company to introduce new award ahead of Belgian GP
  • Crypto.com also named F1’s official cryptocurrency and NFT partner

Formula One has announced a deal that sees cryptocurrency platform Crypto.com become a new global sponsor and lead partner of its sprint series in 2021.

The global motorsport series is set to trial a sprint qualifying format at three Grands Prix across the 2021 season, the results of which will decide the starting grid for the Sunday races.

The first sprint qualifying will take place during the British Grand Prix weekend on 17th July, where the partnership with Crypto.com will be formally unveiled. According to CNBC, the five-year deal is said to be worth US$100 million. 

Having become one of the series’ global partners, Crypto.com will also receive trackside branding for the remainder of the 2021 Formula One.

Additionally, the deal sees Crypto.com named as the official cryptocurrency and non-fungible token (NFT) partner of Formula One. The company will also announce a new award, which will be revealed ahead of the Belgian Grand Prix on 27th August.

Aligning itself with Formula One's sustainability goals, Crypto.com also announced a plan to achieve carbon negativity in 18 months.

"We are thrilled to announce Crypto.com as a Global Partner and lead partner of the sprint event as we bring this exciting new format to fans for the first time this year," said Ben Pincus, director of global partnership at Formula One.

"We will rely heavily on their expertise as we explore the world of cryptocurrency, an area we are very interested in, and this will be the first time as a sport we are able to offer fans the opportunity to explore this exciting world as we further increase our digital presence.

"Crypto.com are revered in the industry and their experience was key in the decision to partner with them, as well as the company’s commitment to becoming carbon negative, as we continue to move towards sustainability goals of our own."