Crypto.com Gets Naming Rights For The F1 Miami Grand Prix

Crypto.com gets naming rights yet again but this time to the F1 Miami Grand Prix after a $100 million sponsorship deal, signed for a nine-year deal as we can see further in today’s latest cryptocurrency news.

Crypto.com gets naming rights in a new nine-year deal to become the official title partner of the Miami Grand Prix as the newest race in the Formula 1 calendar. According to a press release, the sponsorship will see the race officially named the Formula 1 Crypto.com Miami Grand Prix with the logo of the exchange featuring on the podium and on the trophies. The latest event on the Formula 1 Calendar forms around five of the campaign and takes place on May 6-8, 2022 on the new 5.41km circuit in Miami Gardens. The Miami International Autodrome is the 11^th venue in the US to host a World Championship Formula 1 race.

Deepening our global partnership with @F1,
we’re proud to be the first official title partner of the
🏎💨 Formula 1 https://t.co/vCNztATSCO Miami Grand Prix 🏎💨

See you in Miami May 6! https://t.co/uOOqNqThNT@f1miami #CryptoF1 pic.twitter.com/W96S9EWxxn

— Crypto.com (@cryptocom) February 9, 2022

The deal will also see the exchange’s brand displayed on the exchange’s Terrace with views over the track and the exclusive observation deck ont the race’s fourth turn. The Senior Vice President and Chief Revenue Officer of the Hard Rock Stadium Jeremy Walls noted:

“This will be an international event and we look forward to growing together on a worldwide scale.”

This is not the first such promotion that the exchange inked with Formula 1 as back in June 2021 it signed a $100 million deal to become the partner of the “Sprint” series and that time, the CEO and founder Kris Marszalek said:

“For us as a brand, I think it’s really important that we are a global partner. There are only six other iconic brands that have the status with F1.”

The exchange’s move came amid a wider push from the crypto businesses into sports sponsorship. The exchange became the sponsor for soccer’s 2021 Coppa Italia and in November it paid $700 million for the naming rights of the Los Angeles Staples Center which is home to the NBA Lakers and Clippers as well as the WNBA Sparks and NHL Kings. Rival exchange Binance announced a new sponsorship of the African Cup of Nations soccer tournament in January 2022 but no other exchange embraced the sporting world with such affection as FTX.

In the span of eight months, the exchange signed a new deal with the Miami Heat, Golden State Warriors, Washington Wizards, and Capitals. The FTX CEO Sam Bankman Fried noted:

 “This has penetrated more than everything else we’ve done combined, in terms of people’s perception of us.”