Tag: FORMULA 1

McLaren Racing Signs a Multi-year Partnership with Crypto Exchange OKX

by Blockchain News

McLaren Racing, a British motor racing team, has inked a multi-year deal with crypto exchange OKX (formerly OKEx) as the primary partner of McLaren Shadow esports Team and McLaren Formula 1 (F1) Team from this year. 

Starting at the 2022 Miami Grand Prix, OKX branding will be incorporated into McLaren MCL36 F1 cars, McLaren Shadow Team Kit, and McLaren F1 Team Kit. 

Moreover, the OKX brand will be placed on the helmets of leading McLaren F1 drivers Lando Norris and Daniel Ricciardo. 

Zak Brown, the CEO of McLaren Racing, pointed out:

“The first-ever Miami Grand Prix is the perfect occasion for us to launch this significant partnership, through which we will collaborate with OKX to take our fan experience to all new levels.”

Therefore, the strategic partnership will enable OKX to support McLaren’s global fan experience, enabling enthusiasts to enjoy product innovations and exciting opportunities. 

Brown welcomed this collaboration and stated:

“We are thrilled to announce this primary partnership with OKX ahead of the Miami GP. In a rapidly evolving field, OKX is a long-established crypto brand that brings innovation, analytics and accuracy to accomplish great things.”

To render more innovation on the OKX platform, Haider Rafique sees the partnership as a stepping stone towards heightened trade execution speeds because this requires ‘pit-like’ team collaboration and instincts.

The chief marketing officer at OKX added:

“The McLaren brand stands for everything that is great about F1. Speed, reliability, and performance are at the core of any top-class crypto trading platform.”

McLaren has been flexing its muscles in the crypto space because it recently entered the metaverse to showcase its luxury hypercars and supercars in NFTs or other digital artworks. 

With 80% of racing teams in the 2022 F1 grid featuring at least one crypto sponsor, Mercedes team principal Toto Wolff recently opined that cryptocurrencies are part of modern technology that cannot be ignored.

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Crypto Supports Formula 1 Racing in Modern Technology , Says Mercedes Lead

by Blockchain News

With 80% of racing teams in the 2022 Formula 1 (F1) grid featuring at least one crypto sponsor, Mercedes team principal Toto Wolff believes that cryptocurrencies are part of modern technology that cannot be ignored.

Wolff pointed out:

“I think when we are looking back in 10 years’ time having made payments that take two days and can’t be done outside of week hours, it is something that is going to be a relic of the past and this is where cryptocurrency has come in.”

The partnership between Formula 1 and crypto companies was inevitable based on the growth experienced in the cryptocurrency market, according to Wolff.

He added:

“You can’t shut yourself down to modern technology. It is definitely an area that will grow. They have become a major player in the financial world and obviously seek exposure through Formula 1. We all benefit from it but also learn from it.”

F1 is the highest international racing class for open-wheel single-seater formula racing cars, and the Mercedes team faced fierce competition from Red Bull last year. It was a battle of titans between Lewis Hamilton of Mercedes and Max Verstappen of Red Bull.

Wolff also noted that caution should be taken regarding the energy sustainability issue linked to cryptocurrencies. He stated:

“The sustainability argument is extremely important, but it is not only about mining and the energy it consumes but also where the energy comes from.”

The presence of crypto companies in the sporting arena continues to be felt based on the whopping amounts being invested.

For instance, to get more limelight during the annual playoff championship game of the National Football League (NFL) called the Super Bowl, crypto exchange Crypto.com spent $6.5 million on a 30-second ad that featured LeBron James, NBA’s four-time most valuable player (MVP).

Coinbase, a US-based crypto exchange, spent more than double this amount at $14 million for its Super Bowl advertisement. 

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Bybit Secures Multi-Year Partnership Deal with Red Bull

by Blockchain News

Following a 3-year deal, Singapore-based crypto assets trading platform Bybit has become the Principal Team Partner for Oracle Red Bull Racing, one of the most successful Formula 1 teams.

As announced by Red Bull, the deal is worth $50 million annually and will be paid in cash and the trading platform’s native token, the BitDAO (BIT) tokens.

Bybit will form a major part of the Red Bull innovation team and help champion several initiatives in two primary ways, exclusively as the Cryptocurrency Exchange Partner and as the Team’s Tech Incubator Partner. Bybit will assist in coordinating “a range of crypto-inspired initiatives from crypto-literacy to promoting the growth of green technologies.”

Both Bybit and Red Bull will also be engaged in the “promotion of sustainability, diversity, STEM careers and recognition and support for women in blockchain as well as to introduce coding to new audiences.”

“It’s fitting too that, as we enter a new generation of competition of F1 in 2022, with an advanced and potentially game-changing new philosophy of cars taking to the track, that Bybit also exists at the cutting edge of technology. They share the Team’s passion to exist at the forefront of technological innovation, to set the competitive pace, and to disrupt the status quo,” said Oracle Red Bull Racing Team Principal and CEO Christian Horner.

Bybit will help the team in developing and distributing its fan tokens. As the tech incubator, Bybit will also be tasked with managing the team’s Non-Fungible Token (NFT) collections.

It is not uncommon to find a digital assets trading platform inking a sponsorship deal with a Formula 1 team. Crypto.com was the first digital assets exchange service provider to ink a related deal with an F1 team when it secured a sponsorship deal with Aston Martin last year. The embrace of racing sports teams is growing as the go-to strategy to push crypto’s publicity into the global limelight.

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Crypto.com announces global partnership with Formula 1

by Cointelegraph

Cryptocurrency exchange Crypto.com has announced it will partner with Formula 1 in its racing series this year.

In an announcement today, Formula 1 said Crypto.com would be the new global and inaugural partner for its 2021 Sprint series, scheduled to begin on July 17. As part of the agreement — which CNBC reported to be $100 million — the exchange will become the racing series’ official cryptocurrency sponsor and nonfungible token, or NFT, partner.

“We will rely heavily on [Crypto.com’s] expertise as we explore the world of cryptocurrency, an area we are very interested in, and this will be the first time as a sport we are able to offer fans the opportunity to explore this exciting world as we further increase our digital presence,” said Formula 1’s director of commercial partnerships Ben Pincus.

Formula 1 hinted that race car drivers would have the opportunity to win a new potentially crypto-themed award, which will be announced prior to the Belgian Grand Prix event on Aug. 29. The racing series has also announced its intention to follow Crypto.com’s May commitment to become carbon negative within 18 months, saying it plans to be ”net zero carbon” as a sport by 2030.

“We are both, at the core, technology organizations focused on innovation,” Crypto.com CEO and co-founder Kris Marszalek told Cointelegraph. “It is in the DNA of organizations like ours to find smart, technological solutions to hard problems like addressing climate change.”

Related: Formula 1 Open Tokenized Crate Sale on Ethereum Blockchain

Crypto.com will already have its logo appear on Aston Martin’s team at Formula 1 events based on a partnership finalized in March. At the time, Marszalek said the exchange would be looking to leverage the collaboration to promote other cryptocurrency-related products.