As cryptocurrencies continue to grow and adoption is at an all-time high, it makes perfect sense for the highly liquid crypto market to funnel some of those gains into one of the biggest growing sports in our time.
Let us take a quick look at some of the F1 and Crypto Developments this season.
ByBit Joins the world of F1 with Redbull Racing The Red Bull Racing Formula 1 team has signed a sponsorship deal worth $150m over three years with Singapore-based cryptocurrency platform ByBit.
ByBit is the latest in a growing line of companies from the cryptocurrency field to use F1 as a marketing platform, with several teams on the grid having already forged relationships.
The highest-profile thus far is Crypto.com, which partnered with F1, was the key backer of the Aston Martin team, and the title sponsor of the inaugural Miami GP in May.
Alpine recently announced the launch of a fan token via Binance, while Red Bull’s sister team AlphaTauri has extended the arrangement with Fantom that it first announced in May 2021.
Mercedes signed a deal with FTX last September, while for 2022, McLaren has a new partnership with Turkish firm Bitci.com, and Ferrari has aligned with Swiss-based Velas Network.
Red Bull was one of the first F1 teams to explore the cryptocurrency field, having partnered with FuturoCoin in 2019.
What alternate market do you think Crypto will integrate with next? Please leave a comment below.