Crypto.com has signed a nine-year contract to become the official title sponsor of Formula 1’s newest race on the calendar, the Miami Grand Prix.
Crypto.com signed a nine-year deal with F1 to become the official title sponsor of Formula 1’s newest race, the Miami Grand Prix ahead of the inaugural race on May 6-8.
Crypto.com is the race’s first commercial partner, extending collaboration with Formula One from June last year. The currency platform signed a five-year, $100 million sponsorship contract with the sport.
Crypto.com branding will be seen throughout the venue including the exclusive observation deck at the track’s fourth turn, the Crypto.com Terrace hospitality area will feature 360-degree views where the first level will be open to all fans.
The branding will also feature the Crypto.com Fan Zone, which includes entertainment and activities the entire weekend, is in the center of the Hard Rock Stadium.
The acquisition’s financial specifics were not disclosed, but Crypto.com is certainly paying a hefty (virtual) penny to add another sports deal to its portfolio.
This is not the first time that Crypto.com is getting involved in sports. The organisation took over the naming rights to the famous Staples Center in December as part of a 20-year, $700 million contract.
The platform has also secured a jersey patch contract with the Philadelphia 76ers worth around $10 million per year in September, as well as a three-year deal with Paris Saint-Germain worth up to $35.4 million. It signed a 10-year, $175 million sponsorship contract with the UFC in July.