Cryptocurrency exchange Crypto.com has signed a nine-year deal to become the official title partner of the Miami Grand Prix, the newest race in the Formula 1 calendar.
According to a press release accompanying the announcement, the sponsorship will see the race officially named the Formula 1 Crypto.com Miami Grand Prix, with Crypto.com's logo featuring on the podium and winners' trophies.
The newest event on the Formula 1 calendar, the race forms round five of this year's campaign and takes place on May 6-8, 2022, on a new 5.41km circuit in Miami Gardens. The Miami International Autodrome becomes the 11th venue in the U.S. to host a World Championship Formula 1 race.
The deal will also see the exchange's brand displayed on the Crypto.com Terrace, with views over the track and an exclusive observation deck at the race's fourth turn.
A Crypto.com Fan Zone, on the field in the center of the Hard Rock Stadium, will offer "a host of entertainment and activities across the weekend," according to the release.
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
Declaring himself "excited for our long-term partnership with Crypto.com," Jeremy Walls, Senior Vice President and Chief Revenue Officer of Hard Rock Stadium, said, "This will be an international event and we look forward to growing together on a worldwide scale."
It's not the first such promotion that Crypto.com has inked with Formula 1; in June 2021, it signed a $100 million deal to become the inaugural partner of the "Sprint" series. At the time, Crypto.com co-founder and CEO Kris Marszalek told the Decrypt Daily podcast, "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."
Crypto and sport
The exchange's move comes amid a wider push from crypto businesses into sports sponsorship.
Last summer, Crypto.com became the sponsor for soccer's 2021 Coppa Italia, while in November, it paid a reported $700 million for the naming rights to the Los Angeles Staples Center, home to the NBA's Lakers and Clippers as well as the WNBA's Sparks and NHL's Kings.
Rival exchange Binance announced its sponsorship of the African Cup of Nations soccer tournament in January 2022.
But no exchange has embraced the sporting world with such enthusiasm as FTX.
In the span of eight months, the exchange has signed sponsorship deals with the Miami Heat, Major League Baseball, the Golden State Warriors, and the Washington Wizards and Capitals.
Speaking to Decrypt, FTX CEO Sam Bankman-Fried said, "This has penetrated more than everything else we've done combined, in terms of people's perception of us."