Business: Formula One announces contract extension with Crypto.com
After the longest season of its history, Formula 1 has announced that it is extending its relationship with the cryptocurrency exchange company Crypto.com through to 2030.
Formula One entered into a partnership with Crypto.com in 2021, and the two parties have now elected to extend the existing contract until at least 2030.
The Singapore-based firm has also been the title partner of the Formula 1 Crypto.com Miami Grand Prix since its inaugural race in 2022 and will continue that partnership.
The sport has noted that the renewed partnership will see Crypto.com focus on the creation of exclusive fan experiences and activations at a range of Grands Prix, with the brand also featuring at key races throughout the season.
The cryptocurrency exchange company offers various financial services, including an app, exchange, and noncustodial DeFi wallet, NFT marketplace, and direct payment service in cryptocurrency.
Crypto.com's user base increased from 10 million users in early 2021 to 100 million by mid-2024, while its workforce exceeded 4,000 employees. Regarding sponsorships and marketing activities, Crypto.com attracted actor Matt Damon as a brand ambassador, collaborated with the soccer club Paris Saint-Germain F.C., and secured the naming rights for the Staples Center, now known as the Crypto.com Arena, in a 20-year agreement valued at $700 million.
Commenting on the announcement, Formula One's Chief Commercial Officer Emily Prazer noted: “We’ve enjoyed a great partnership with Crypto.com since 2021 and this extension will make them one of our longest-term partners. Our sport has changed significantly in that time, so we’re delighted to have them continue with us until 2030 and we look forward to seeing how they engage with fans through their race activations.”
Reflecting on the contract extension, Steven Kalifowitz, who serves as the Chief Marketing Officer of Crypto.com, said: “Formula 1 was one of our first global sports partnerships and a key driver in elevating Crypto.com to the most recognized crypto brand in the world.
"We are as bullish as ever about the future of crypto. We can confidently say crypto is here to stay, and we are excited to keep the momentum going with Formula 1.”
