Despite the price of Bitcoin and Ethereum taking a major drop in recent times, the Formula One (F1) racing industry cannot get enough of crypto.
Eight out of the 10 teams featuring in this year’s prestigious motorsport series have a crypto-related sponsor. F1 has received a lot of positive coverage recently from the highly rated Netflix series “Drive to Survive,” meaning crypto companies are getting positive exposure.
Top crypto exchange, Crypto.com, recently secured a naming-rights deal for the popular F1 race in Miami. Crypto.com also has commercial partnerships with the Aston Martin F1 team. McLaren, another popular participant, has a deal with crypto exchange OKX.
Red Bull and Ferrari, two of the best-known F1 brands, recently announced crypto-related sponsorship deals for this season and next. Ferrari is endorsing blockchain firm Velas, with Red Bull promoting crypto exchange Bybit.
What does this mean for me?
F1 owners view crypto fans as a strategic market because it is made up of savvy, technology-focused consumers. Analysts are commenting that these owners are taking a long-term view and are not deterred by crypto’s recent volatility.
For the crypto investor, this is highly positive news. Even though the industry takes knocks along the way, such as when major coins like Bitcoin suffer losses, or when key economic figures decry cryptos’ future, as some central bankers did at Davos this past week, high-profile endorsements like the F1 link-up are very encouraging.
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