Formula One Is Going Crypto Crazy

Formula One (F1), one of the most popular forms of racing in the world, has gone crazy for all things crypto in recent years.

Despite the market’s recent collapse, F1 has continued to embrace cryptoassets. Eight of the ten F1 teams competing in the high-profile international series are sponsored by cryptocurrency. The report also credits the sport receiving a “huge ratings boos,” over the last several years due to the popularity of Netflix’s “Drive to Survive” reality show.

Crypto.com, one of the world’s largest cryptocurrency exchanges, has a multi-year naming rights agreement for the Miami F1 race, as well as a partnership with the Aston Martin F1 team. Red Bull and Ferrari, two of the season’s top F1 teams, have both announced recent crypto sponsorships. Ferrari has partnered with blockchain startup Velas, while Red Bull has partnered with cryptocurrency exchange Bybit.

McLaren, another popular F1 team, has signed a long-term sponsorship agreement with cryptocurrency exchange OKX.

OKX’s global chief marketing officer, Haider Rafique, stated,

WE’RE NOT JUST PUTTING OUR LOGO ON MCLAREN CARS. WE’RE HELPING MCLAREN WITH NFTS AND THE METAVERSE.

McLaren Racing CEO Zak Brown called crypto a “massive industr,” that is “clearly here to stay.” He praised crypto enthusiasts for being informed, tech-savvy consumers.