Crypto and Formula One used to be great match, but cash-strapped digital asset firms are pulling back.
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Formula One racing is marketed as being all about competition, a competition that rewards instinct, speed, engineering innovation, and sheer adrenaline. Given how the crypto industry feels about fast cars and men with big personalities, it’s perhaps no surprise that crypto is emerging as one of the biggest sponsors of Formula 1. Companies ranging from FTX to Crypto.com have spent millions of dollars on flashy deals.
Around 80% of F1 teams have at least one crypto partner. Crypto.com even has a $100 million deal with the Formula One Group itself. But in this current market environment, how long can crypto firms keep splashing the cash? In this episode, Bloomberg senior editor Anna Irrera and Bloomberg crypto blogger Emily Nicolle discuss the future of crypto’s fast car sponsorships.
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This podcast is produced by the Bloomberg Crypto p odcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.
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