Crypto World Is Causing A Stir In Formula 1 Industry

Over the last several years, Formula 1 (F1), one of the most popular forms of racing, has gone mad for all things crypto. According to a CNN report, F1 has continued to promote crypto assets despite the market’s recent collapse. Eight of the ten F1 teams competing in the high-profile international series have a cryptocurrency sponsor. According to the report, the success of Netflix’s “Drive to Survive” reality show has also contributed to the sport’s “massive ratings boost” in recent years. Aston Martin F1 team Collaborates With Crypto.com In addition to collaborating with the Aston Martin F1 team, Crypto.com, one of the world’s most popular cryptocurrency exchanges, has a multi-year naming rights contract for Miami’s F1 event. Both Red Bull and Ferrari, two of the most successful Formula 1 teams this season, have just revealed crypto partnerships. Ferrari has partnered with blockchain startup Velas, while Red Bull has partnered with cryptocurrency exchange Bybit. McLaren, another prominent Formula 1 team, has signed a long-term sponsorship agreement with cryptocurrency exchange OKX to make the company its primary sponsor. Haider Rafique, global chief marketing officer for OKX, told CNN: “We’re not just putting our logo on McLaren cars. We’re helping McLaren with NFTs and the metaverse.” According to McLaren Racing CEO Zak Brown, Cryptocurrency is a “huge industry” that is “definitely here to stay.” Crypto enthusiasts, he said...