Formula 1 has made a formal announcement that the cryptocurrency website Crypto.com will be the primary sponsor across the three sprint qualifying events in 2021. Apart from this, it will also act as a partner for the remainder of the current season.
Silverstone is the venue of the first sprint qualifying race. The 100 km format will initially be tested here.
Sprint qualifying received a mixed response from drivers and pundits. Teams have largely been in a limbo. While Alpine driver Fernando Alonso said that it will “spice things up”, Aston Martin marquee driver Sebastian Vettel seemed less convinced about its need.
However, as Liberty Media is keen on enhancing the engagement level of viewers through the course of the F1 race weekend, teams have also largely been receptive to trying out these sprint races.
Crypto.com becomes a partner
Formula 1 fans will not see the name Crypto.com throughout the course of this season, after the firm announced that it will be the main sponsor of these sprint qualifying races and be present through the course of the season.
With lockdown regulations relaxed in England, Silverstone could be home to over 140,000 spectators across the July 16-18 weekend.
President and CEO of Formula 1 Stefano Domenicali was visibly upbeat. “We are pleased to welcome Crypto.com to the Formula 1 family as we continue to attract progressive global brands anchored in performance and innovation.”
Ben Pincus, director of commercial partnerships at Formula 1, felt the need to propagate the idea of cryptocurrency, as you’d expect him to do.
“We are thrilled to announce Crypto.com as a global partner and lead partner of the sprint event as we bring this exciting new format to fans for the first time this year,” he said.
“Crypto.com are revered in the industry and their experience was key in the decision to partner with them, as well as the company’s commitment to becoming carbon negative, as we continue to move towards sustainability goals of our own.”
Kris Marszalek, co-founder and CEO of Crypto.com, said: “We are extremely proud to be the first cryptocurrency sponsor of Formula 1, joining a prestigious collection of brands supporting a sport with technology and innovation at its core.
“We look forward to many years of innovating together and will begin at the Belgian Grand Prix, where we will present a brand new award. We are also excited to partner with F1 in the development of exclusive NFTs, connecting fans to the sport in new and innovative ways.”