Why Did F1 Strike a Cryptocurrency Sponsorship

Formula 1 is big business. It is also one of the most prestigious sports in the world today. As blockchain technology increases, F1 is attracting new and interesting partners. That is why you might wonder; why did F1 strike a cryptocurrency sponsorship deal?

To some, the entry of cryptocurrency into the world of F1 racing was a matter of time.

Others might feel different about a dalliance between crypto trading firms and formula 1.

Whichever side you are on, it is important to look into why F1 entered into a cyrptocurrency sponsorship deal worth $100 million.

For a business, a $100 million sponsorship is an income you cannot ignore.

Formula 1 makes money in several ways. Sponsorship deals is one of the revenue streams that flows into F1’s bank accounts.

Cryptocurrency has joined Formula 1 as a sponsor. The first sponsorship deal involved F1 and Cyrpto.com.

It is a cryptocurrency sponsorship deal that will run for a period of 3 years.

But why did F1 strike this $100 million cryptocurrency sponsorship deal? What motivated this business partnership?

In this article, I will get to know why this deal happened and why f1 accepted sponsorship from crypto.com

You will also understand the future of cyrptocurrency in F1.

This resource will also guide you on whether F1 teams will accept sponsorship from crypto and NFT trading platforms or firms.

Conclusion

In conclusion, formula one is a business that requires to expand sources of revenue.

As the rise of cryptocurrency and digital currency increases, you should expect to see more deals between trading platforms and Formula 1.

In fact, it would not be far-fetched to imagine similar deals between crypto and formula 1 teams.

Related: Does Every F1 Team Have a Crypto Sponsor?

Formula one is seeking to increase the income and the money it generates.

That is one of the main reasons why F1 made the $100 million sponsorship deal with crypto.com

F1 gets additional income, while crypto.com will get branding leverage provided by Formula 1 sport across the globe.

The future looks interesting. You can expect to see more collaborations between Formula 1 and the world of cyrptocurrency.

If you are interested, learn and understand the various crypto trading platforms available in the market today.