Formula 1 Is Massively Involved In Crypto Derivative Products

 

Many F1 Teams Partner With Different Crypto Exchanges

CNN news reported that despite the current bearish movement, F1 continued to acquire more crypto-related assets. Moreso, eight out of the ten F1 racing teams are sponsored by crypto-related firms or organizations. 

The report added that the most famous racing game received applause and high ratings over the past few years. This is because of its popular movie series, ‘Drive to Survive’ which is streaming on NetFlix.

One of the globally leading cryptocurrency exchanges, Crypto.com, signed a several-year partnership deals with the Miami F1 race team. Moreover, the report also confirmed the crypto firm to be linked with a collaboration with the Aston Martin F1 team.

Furthermore, the report revealed that both Ferrari and Red Bull recently signed sponsorship contracts with some crypto firms. The two teams are the leading Formula one teams in the current season. 

As reported, Ferrari and Velas, a popular crypto firm both agreed on a multiple-year sponsorship deal. Also, Red Bull and Bybit, a top leading crypto exchange, both engaged in a multiple-year sponsorship deal too.

OKX To Manage McLaren Race Team’s NFT project

According to the report, McLaren and OKX have both agreed on a long-term partnership contract. OKX is a giant crypto exchange with a lot of members, and McLaren is a popular F1 racing team.

While speaking with a CNN news reporter, Haider Rafique, clarified the basis of the OKX and McLaren’s contract. Haider is the chief marketing officer at all global branches of OKX. He said that the crypto firm and the F1 racing team’s contract is not a sponsorship-based deal. 

He added that McLaren hired OKX to manage its upcoming  NFTs and the Metaverse projects. Therefore, the logo of the OKX brand would not be pasted on any part of McLauren’s car.

Additionally, Zak Brown, the CEO of the McLaren racing team has described the cryptocurrency industry as a massive industry that would still be relevant for years to come. He applauded crypto users for being tech-inclined and active in the blockchain industry.

Cryptocurrency Global Status

It has been weeks since the LUNA crash incident, yet the crypto world is still wallowing in continuous dips. Despite the current bearish positions across all crypto networks, the industry enjoys rapid growth. Many institutional and individual investors are trooping into the crypto space daily.

Furthermore, many crypto analysts kept encouraging investors to bag more coins in this dipping period. They explained that the crypto market would soon recover from its current state and bounce back to become bullish. 

Meanwhile, some countries are still against the fast-rising tech industry, many are still contemplating their stance on it, and several others are enforcing unfavorable laws on the industry. 

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *



✉ Contact | Disclaimer