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Crypto.com Buys F1 Miami Grand Prix Naming Rights

Formula 1’s newest race has been renamed in honour of Crypto.com’s $100 million sponsorship agreement.

The trading of digital currency. The Miami Grand Prix, the sport’s newest event, will have Crypto.com as its official title sponsor for the next nine years.

Crypto.com’s brand will be prominently displayed on the podium and winners’ trophies as a result of the sponsorship, according to a press release accompanying the news.

Round five of this year’s F1 season will take place in Miami Gardens on May 6-8, 2022, on a new 5.41-kilometer circuit. As of now, the Miami International Autodrome has hosted a World Championship Formula 1 race for the eleventh time in the United States.

The Crypto.com Terrace, located at the race’s fourth turn, will have a view of the track and an exclusive observation deck as part of the agreement.

According to a press release, the Crypto.com Fan Zone, located on the field in the stadium’s middle, will provide “a plethora of entertainment and activities” throughout the weekend.

Announcing that he was “excited for our long-term engagement with Crypto.com,” Hard Rock Stadium’s Senior Vice President and Chief Revenue Officer, Jeremy Walls, added, “This will be an international event and we look forward to expanding together on a global scale.”

As part of a $100 million arrangement in June 2021, Crypto.com will be the first sponsor of Formula 1’s “Sprint” series, which will begin in 2019. Kris Marszalek, CEO and co-founder of Crypto.com, said on the Decrypt Daily podcast at the time, “As a brand, I believe that being a global partner is critical to our success. Only six of the world’s most recognisable businesses share F1’s status.”

Crypto and sport

It’s part of a larger trend among crypto companies to support sports teams.

For an estimated $700 million, Crypto.com bought the naming rights to the Los Angeles Staples Center, which houses professional basketball’s Lakers and Clippers as well as the WNBA’s Sparks and the NHL’s Kings, last summer.

The African Cup of Nations soccer tournament will be sponsored by Binance in January 2022.

There has never been a currency exchange that embraced sports as enthusiastically as the FTX.

We negotiated sponsorship deals in less than a year with the Miami Heat and Major League Baseball. We also signed deals with NBA teams in Washington D.C.

“This has penetrated more than everything else we’ve done combined, in terms of people’s view of us,” FTX CEO Sam Bankman-Fried told Decrypt.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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