The Pro-Crypto Formula 1: The List of Teams' Sponsors and Partners
Formula 1 has proven to be one of the most crypto-friendly sports organizations where literally each of the top teams has at least one sponsor or partner in the face of blockchain companies. 1xBit has compiled a list of such teams and their crypto co-pilots.
Table of contents:
- Scuderia Ferrari
- Red Bull Racing
- Mercedes AMG Petronas
- Alpine
Scuderia Ferrari
When speaking about car racing, Ferrari is definitely one of the first brands that come to mind, Founded in 1929 by Enzo Ferrari, “The Prancing Horse” holds 16 constructors’ championships and 15 drivers’ championships, which makes it a prime target for sponsors, among which is the blockchain tech company Velas Network AG. The parties concluded a multi-year sponsorship deal back in December 2021.
Velas, which positions itself as “an open-source blockchain ecosystem” of services and products, took up the role of Ferrari’s exclusive developer of non-fungible tokens (NFTs) and other motorsport-related digital collectibles. In addition, Velas became the title sponsor of the racing team’s esports arm.
Red Bull Racing
Based in Milton Keynes, the Red Bull team has fewer F1 championships (4 constructors’ and 5 drivers’ ones) but only due to its “youth” as it was founded in 2005. Obviously, such a successful racing team never had a shortage of sponsors that pay hefty sums to put their logos on the racing car. But Red Bull seems to be holding a special spot in its marketing strategies for crypto companies.
This February, RBR partnered with a cryptocurrency trading platform Bybit under a deal that’s reportedly worth approximately $150 million for the next three years. The team spokespeople called it “a next-level partnership.” Bybit is now the team’s exclusive cryptocurrency partner that facilitates fan engagement through fan tokens and promotes crypto literacy.
Mercedes AMG Petronas
One of the oldest and the most accomplished teams in the history of racing, Mercedes AMG Petronas, has also been keeping abreast with marketing trends that dictate that getting a crypto sponsor nowadays is a must. The team did so almost a year ago, having signed the crypto derivatives exchange FTX that had been actively seeking such deals from elite sports teams.
Together, they have been developing NFT ticketing and other blockchain solutions. Toto Wolff, the team principal at Mercedes, said both parties are looking for ways to enhance the said engagement and draw the attention of racing lovers from around the world.
Alpine
The BWT Alpine F1 team was rebranded from the Renault F1 team in 2020, and made its first Formula 1 entry at the 2021 Bahrain Grand Prix. So far, the team has only one race victory under its belt, but this fact doesn’t hinder it from getting quality sponsors like Binance, the largest centralized cryptocurrency exchange.
The two sides struck the deal this February and revealed their bold plans with regard to fan engagement. These plans involved the launch of the ALPINE fan token on Binance’s Launchpad as well as the creation of a special NFT collection.