Following in the footsteps of sports teams such as Manchester City football club, who have released their own crypto coin, Formula 1 have recently revealed their plans to award an overtake award in partnership with Crypto.com.
The award has been revealed ahead of the Belgian GP and the crypto exchange service has also been named as the official NFT partner of the F1.
The official F1 website explains that “The award, which is the first of its kind, is designed to celebrate the bravery exhibited by drivers who make bold moves in pursuit of success.” The Crypto.com overtake award will be given to the driver who makes the most overtakes throughout the season. The winner of the award will be presented with a trophy.
The F1 Director Of Commercial Partnerships, Ben Pincus, explains that the award will celebrate drivers who make bold, strategic moves on the track as these moves reflect the qualities that are required when trading in cryptocurrency.
CMO of Crypto.com, Steve Kalifowitz, says that the company strives to create partnerships and deliver win-win opportunities. The overtake award will allow these values to shine through while celebrating drivers success.
This season of Formula 1 has already been thrilling for fans and the races can be expected to get even more exciting with drivers competing for this exciting new award. So far, it is Sebastian Vettel who is in the lead for the overtake award, with the most overtakes of the season.
As well as partnering with Formula 1 to give the overtake award, Crypto.com will have its logo displayed on the race tracks at every race for the rest of the season. This is a huge move for the company and could generate a lot of traffic to their crypto exchange.
According to CMC, there are 18,998 crypto exchanges currently operating. In such a crowded market, we can expect to see more crypto companies partnering with sports teams, global events and other large names to remain competitive. While the award is only new, Crypto.com has become the official sponsor of Formula 1 so, it looks like this partnership will be for the long term.
To raise awareness for the new partnership, Crypto.com have started twitter competitions that fans of Formula 1 can get involved with. The twitter competitions ask fans to predict the winner of the Crypto.com overtake award. The winner of this will receive an AstonMartinF1 X Crypto.com duffel bag.
F1’s partnership with Crypto.com marks the beginning of a new era of sports awards and sponsorships. With cryptocurrency becoming so popular, could it be that soon monetary prizes are replaced with crypto? Crypto.com is clearly making moves to compete with the likes of Binance to become the next biggest crypto exchange and they won’t be the only crypto company with big plans and partnerships in the pipeline. You can expect to see more crypto brands appearing in the media very soon.
