The Miami Grand Prix has announced its nine-year partnership with Crypto.com. The race will be titled the ‘Formula 1 Crypto.com Miami Grand Prix’ and is expected to run yearly.
This high profile event allows Crypto.com to solidify its status as a partner of Formula 1, and the race will be added to the prestigious Formula 1 event calendar.
Here’s everything you need to know about the Crypto.com and Formula 1 partnership.
What is the partnership?
This is the first commercial partnership of the Formula 1 Miami Grand Prix, and is a huge deal for both South Florida Motorsports and Crypto.com.
As aforementioned, the CEO of Crypto.com has provided some insight into the future of the partnership, with the goal of creating interactive, exhilarating Web 3 racing experiences for users.
This partnership also includes a hospitality area, which will be known as the Crypto.com Terrace. Fans can enjoy food and drink surrounded by 360* views of the track. There will also be a Crypto.com Fan Zone, which will host entertainment during the event.
The collaboration establishes Crypto.com within the world of the Autodrome. Their name will be included in official merchandising and advertising as well as in signage for the event.
The race takes place on May 5-6th 2022, and is the first time that the Autodrome will host a world championship.
What is Crypto.com?
Crypto.com is one of the world’s fastest growing cryptocurrency platforms. Offering more than 150 cryptocurrencies to users, the platform boasts over 10 million monthly users and has truly established itself as an industry-leader within the cryptocurrency space.
Crypto.com was founded in 2016. Co-founder and CEO Kris Marszalek has expressed his excitement at being one of the first major partners of the Formula 1 Miami Grand Prix, stating
“Technology and innovation are at the core of what we do, which strategically aligns with the sport of racing, and together we will create exciting experiences at the intersection of Web3 and F1 Racing.”
What does the partnership mean for investors?
This partnership highlights Crypto.com’s future aspirations, especially in regards to the Web 3 space. Crypto.com hopes to pioneer Web 3 and help cryptocurrency become the basis for Web 3.
Deciding to seek a partnership with the Miami Grand Prix highlights Crypto.com’s ambitions of Web 3, especially in the case of offering interactive experiences.
Investors who are looking to get in early with Web 3 should pay attention to this partnership and the next moves Crypto.com makes. As a key player in the world of Web 3 development, Crypto.com’s strategy coincides with what they want to achieve with Web 3.
This deal is just one of the many recent major moves that the company has made with others including:
- LA Staples Center becomes Crypto.com arena
- Multi-year sponsorship with Lebron James
- Crypto.com Super Bowl ad
Crypto.com has perhaps been the most aggressive in their marketing compared to other large firms and for now it seems to be paying off.
CRO (Crypto.com coin): $0.51