Cryptocurrency exchange FTX announced on Thursday that it has signed a long-term sponsorship deal with Mercedes-AMG Petronas.
While the duration of the sponsorship deal is yet to be determined, FTX has stated that the deal will last for multiple racing seasons. The company’s logo will appear on both vehicles’ and pilots’ overalls.
The brand’s sponsorship placements will be determined at the Russian Grand Prix, which will take place on September 26. In the meantime, the FTX logo will be seen on Mercedes-Benz trucks, garages, and facilities. FTX and Mercedes-AMG also intend to work together on projects such as FTX Pay, NFTs, and corporate social responsibility initiatives.
FTX Isn’t the Only Exchange Interested in Formula One!
While FTX has signed several sponsorship deals in recent months, this is the exchange’s first collaboration with a Formula 1 team. Crypto.com announced in June that it had signed a five-year sponsorship deal with Formula 1 worth more than $100 million.
Moreover, earlier this year, the exchange collaborated with F1 team Aston Martin Cognizant. Aside from these companies, there is another well-known name in Formula 1. Bitci.com, a Turkey-based cryptocurrency exchange, recently announced a sponsorship agreement with the McLaren F1 team. The agreement included the launch of the Mclaren F1 team’s fan token. The cryptocurrency exchange has worked with several sports organizations, including the Miami Heat basketball team and TSM. According to FTX CEO Sam Bankman-Fried, such deals are intended to attract new users to crypto exchanges.