Formula 1 has renewed its partnership with exchange platform Crypto.com, extending the agreement through 2030 as both entities seek to capitalize on their shared momentum.
The renewed partnership will see Crypto.com continue to feature prominently at key Formula 1 events, including the Miami Grand Prix, where it has been the title sponsor since the race’s inception in 2022.
The deal, first inked in 2021, marked Formula 1’s foray into the crypto world at a time when digital assets were experiencing explosive growth.
The initial partnership positioned Crypto.com as the sport’s official cryptocurrency sponsor and global partner for the then-new Sprint qualifying series.
It coincided with Formula 1’s push to expand its global footprint and attract younger audiences, particularly in untapped markets, including the U.S.
For Crypto.com, the deal was part of an aggressive marketing campaign to establish itself as a household name in the digital finance sector.
Since 2021, both parties have scaled significantly. Formula 1 now boasts a global fan base of 750 million, a cumulative TV audience of 1.5 billion, and 96 million social media followers.
Crypto.com, which had fewer than 10 million users when the partnership began, claims its platform now serves more than 100 million customers worldwide, according to a statement from the pair on Thursday.
Terms of the deal, including how much Crypto.com paid Formula 1, were not disclosed. A spokesperson said the pair have declined to comment further.
Crypto.com’s marketing strategy has relied heavily on sports sponsorships.
In addition to Formula 1, the Singapore-based platform has secured deals with the UFC, FIFA, and the Los Angeles Lakers, renaming the Staples Center as Crypto.com Arena in a high-profile move.
Despite being smaller than industry giants like Binance and Coinbase, Crypto.com has built significant brand recognition in a highly competitive market.
The extension comes as the crypto industry faces growing regulatory scrutiny and market fluctuations.
For Formula 1, the deal represents a vote of confidence in the sport’s ability to attract non-traditional sponsors while continuing to grow its commercial portfolio.