Elite open-wheel motor racing series Formula 1 (F1) has extended its partnership with the Crypto.com cryptocurrency trading platform through the end of the decade.
The partnership, originally agreed ahead of the 2021 F1 campaign and set to run through the upcoming 2025 season, will now run until the end of 2030.
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That deal had a reported value of $20 million per season, one which may now be even higher due to the growth of F1.
As part of the deal, Crypto.com will continue to activate across the F1 calendar by offering fan experiences and other in-person activations at races.
Crypto.com branding will also continue to appear at select F1 races and events, particularly the annual Miami Grand Prix, which Crypto.com has been the title sponsor of since its 2022 debut in a nine-year deal.
Speaking on the renewed deal, F1 chief commercial officer Emily Prazer stated: “We’ve enjoyed a great partnership with Crypto.com since 2021 and this extension will make it one of our longest-term partners.
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By GlobalData“Our sport has changed significantly in that time, so we’re delighted to have it continue with us until 2030 and we look forward to seeing how it engages with fans through their race activations.”
F1’s popularity has boomed in recent years in part due to the success of the Formula 1: Drive to Survive Netflix documentary series.
The most recent edition of the Miami Grand Prix was the most-watched F1 race in the US.
Crypto.com chief marketing officer Steven Kalifowitz added: “Formula 1 was one of our first global sports partnerships and a key driver in elevating Crypto.com to the most recognized crypto brand in the world.
“We are as bullish as ever about the future of crypto. We can confidently say crypto is here to stay, and we are excited to keep the momentum going with Formula 1.”
Alongside the series at large, Crypto.com was also previously a partner of the Aston Martin F1 team.
Other prominent sports partnerships Crypto.com has engaged in include soccer’s iconic UEFA Champions League, after governing body UEFA announced a deal with the platform for the 2024-27 commercial cycle.
Most recently, Crypto.com served as the title sponsor of 'Showdown', a golfing mini-tournament that took place on December 17 in Las Vegas, Nevada and saw Rory McIlroy and Scottie Scheffler (both from the PGA Tour) defeat Bryson DeChambeau and Brooks Koepka (who play in the LIV Golf League).
The company also holds naming rights to the Los Angeles Lakers' home arena in a 20-year deal worth $700 million.
