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The FTX cryptocurrency exchange announced on Thursday that it had signed a long-term sponsorship deal with the Formula 1 racing team (F1) Mercedes-AMG Petronas.
The length of the deal was not disclosed, but FTX said it will span several racing seasons, with the FTX logo prominently on both the cars and drivers. Part of the FTX branding will be revealed during the upcoming Russian Grand Prix on September 26, the exchange announced.
The FTX logo will also be seen on Mercedes-Benz trucks, in the garage and in hospitality and communication facilities. FTX said it will also have access to members of the F1 team, including drivers Lewis Hamilton and Valtteri Bottas, to further expand its brand’s reach to the global F1 fan base. FTX and Mercedes F1 are also planning to collaborate on initiatives such as the integration of FTX Pay, an NFT collection, and corporate social responsibility initiatives.
While FTX has closed many such sponsorship deals in the past few months, this is the first time the exchange has worked with an F1 team. In June, Crypto.com signed a five-year sponsorship deal with Formula 1 that was reportedly worth more than $ 100 million. Earlier this year, Crypto.com also partnered with F1 team Aston Martin Cognizant.
FTX itself has spent over $ 300 million on such deals with various sports organizations, including the Miami Heat ($ 135 million) and TSM ($ 210 million) basketball team. Sam Bankman-Fried, CEO of FTX, recently told The Block that the crypto exchange is looking to attract non-crypto natives to its platform with such deals.
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