FTX, one of the leading cryptocurrency exchanges, has signed a long-term partnership deal with the Formula One (F1) Team, Mercedes-AMG Petronas as announced on Thursday. While FTX has made numerous other collaborations in the last year, this particular one is set to scale significantly from the benefits that come with the deal. While full details of the partnership haven’t been fully announced, it is expected to see the FTX logo prominently branded on the Mercedes-Benz race cars, driver’s gears, in the garage, and in communication centers as part of the deal. The branding on the F1 team is to be unveiled at the upcoming Russian Grand Prix, scheduled for 26th September this year. The FTX logos are to be featured on the Formula One race team for the next multiple seasons.
FTX also intends to utilize the Mercedes racers Lewis Hamilton and Valtteri Bottas to expand its global market reach among the Formula One fan base.
The partnership between the two teams is set to launch strategic initiatives such as FTX Pay integration, NFT assortment, and other corporate social ideas and initiatives for the future.
This year is remarkable for the number of corporate deals signed with the crypto space. Well-known car brands and world-famous race teams have been entering the blockchain and cryptocurrency space in great numbers. Beginning of this year, Crypto.com, another well-known crypto exchange, signed a sponsorship reportedly worth $100 million with Formula One, and now FTX venture into motorsport marks the latest announced official move.