One of the biggest cryptocurrency exchanges, FTX has announced the collaboration with Formula One (F1) team Mercedes-AMG Petronas. The full details of the new agreement have not yet been disclosed.
Key takeaways:
- While the length and exact details of the sponsorship deal have not yet been revealed, FTX said that the sponsorship will last multiple seasons.
- The logo of FTX exchange, which will be featured on the Formula One racing car and team’s drivers Lewis Hamilton and Valtteri Bottas, will be unveiled on September 26 during the Russian Grand Prix event.
- The collaboration between the cryptocurrency platform and the F1 team will also include marketing initiatives for FTX’s various products and services, including non-fungible token (NFT) collection and FTX Pay.
- The recently penned deal marks FTX’s first foray into the racing arena. The exchange has previously signed a deal with NBA franchise Miami Heat, worth $135M, with esports gaming organization TSM, worth $210M, and with Major League Baseball (MLB)-
- Following the news, FTX’s native exchange token FTT saw a lackluster market performance, losing roughly 9% in the last 24 hours. Nevertheless, FTT still belongs to the group of the most successful major coins of 2021, increasing its price 10-fold since the start of the year. FTX routinely appears on the list of top five crypto exchanges with the largest trading volume.
- FTX’s competitor in the cryptocurrency exchange sector, Crypto.com has also made huge sponsorship announcements over the past year, including deals with UFC, NBA team Philadelphia 76ers, and French soccer team Paris Saint-Germain (PSG).
