The FTX exchange specializes in bitcoin derivatives and cryptocurrencies.
The exchange’s debut in Formula 1 will be this Sunday, at the Russian Grand Prix.
The bitcoin (BTC) and cryptocurrency exchange specialized in derivatives, FTX, will be the new sponsor of the Mercedes-AMG Petronas team, of Formula 1 motorsport.
“The relationship spans multiple racing seasons and the FTX logo will appear prominently on both cars and cars. [el uniforme de] the pilots”. This is indicated in a press release published by the exchange.
The debut of the bitcoin and cryptocurrency exchange in Formula 1 It will be this Sunday, September 26, during the Russian Grand Prix, which will take place in the city of Sochi. The driver of the Mercedes-AMG team, the British Lewis Hamilton, is one of the favorites to win the race and is currently second in the world ranking with 221.5 points.
As confirmed by the cryptocurrency company, the sponsorship of Mercedes-AMG will continue at least during the first months of next year. FTX founder and CEO Sam Bankman-Fried said he was “delighted” by the partnership. “We look forward to seeing Lewis Hamilton continue to challenge his potential eighth Formula 1 title, in the World Drivers’ Championship for the remainder of the 2021 season,” he added.
FTX adds that its logo will be, in addition to the cars and drivers’ uniforms, on the team’s Mercedes-Benz trucks, in the garage and in some events in which athletes participate.
Finally, the press release anticipates the future integration of the Mercedes Formula 1 team with the FTX Pay payment gateway, in addition the launch of a collection of non-fungible tokens (NFT) and corporate social responsibility initiatives together. All of this “will be announced and implemented at a later date.”
FTX and other bitcoin exchanges invade sports
At the time of writing, FTX, a company based in Antigua and Barbuda, It is the 11th exchange according to its trade volume in the last 24 hours. In this period, operations for more than USD 3.8 billion were carried out on that platform.
The CoinMarketCap price tracker places it in 3rd place in its ranking based on its own score. They assign 8.8 points out of a maximum of 10. For this, they report, they consider factors such as web traffic, liquidity, the legitimacy of the exchange and the volume of trade.
The growth of this exchange, founded in 2017, has been remarkable in recent months. This may have been influenced by an aggressive marketing strategy including other sponsorships.
For example, CriptoNoticias reported in early August of this year that FTX would sponsor the video game League of Legends (LOL). A couple of months before that he had signed an advertising deal with Major League Baseball in the United States.
Regardless, FTX is not the only bitcoin and cryptocurrency exchange with a presence at sporting events. In Formula 1, the Crypto.com exchange is, since July 2021, one of the sponsors of the races.
For their part, the marketing managers of the Tezos blockchain, did not want to be left behind and launched non-fungible tokens of the Formula 1 teams Red bull and McLaren. In addition, they put the image representing this blockchain on the uniforms of the pilots.