Crypto.com Announced as Official Partner of Miami Formula 1

The popular crypto platform is taking its sports partnerships a step further with the Feb. 9 announcement that it will be partnering with Formula 1 for the Miami Grand Prix.

The company signed a nine-year deal that will grant it rights as the official title partner of the “Formula 1® Crypto.com Miami Grand Prix”. Additionally, its branding will get exposure across the Miami International Autodrome.

The inaugural Miami race will be round five of this year’s championship and is scheduled for the weekend of May 6-8, 2022. It is the eleventh different venue in the U.S. to host a World Championship Formula 1 race and will take place at the 5.4km circuit in Miami Gardens.

Deepening our global partnership with @F1,
we’re proud to be the first official title partner of the
🏎💨 Formula 1 https://t.co/vCNztATSCO Miami Grand Prix 🏎💨

See you in Miami May 6! https://t.co/uOOqNqThNT@f1miami #CryptoF1 pic.twitter.com/W96S9EWxxn

— Crypto.com (@cryptocom) February 9, 2022

Crypto.com Sporting Partnerships

Senior Vice President and Chief Revenue Officer of Hard Rock Stadium end the event, Jeremy Walls, commented that this will be an international event, adding that “we share their commitment to innovation and will apply those high standards to the fan experience at the Formula 1® Crypto.com Miami Grand Prix,”

Crypto.com became a global partner of Formula 1 in 2021 sponsoring its Sprint series in a five-year $100 million deal. In late August, the company announced a partnership with the top Italian football league, Serie A.

The firm will also have an advertising slot in the upcoming Super Bowl on Feb. 13 along with the FTX U.S. exchange which plans to give away Bitcoin (BTC). Kris Marszalek, co-founder, and CEO at Crypto.com commented:

“Technology and innovation are at the core of what we do, which strategically aligns with the sport of racing, and together we will create exciting experiences at the intersection of Web3 and F1 Racing.”

The platform claims to have 10 million users globally and is ranked 16^th in terms of market capitalization which is $13 billion at the time of writing.

CRO Token Price Reaction

Crypto.com’s native token, CRO, has been buoyed by the announcement with a gain of 7.7% on the day. CRO is currently trading at $0.518 at the time of writing according to CoinGecko.

The token has increased an impressive 28% over the past seven days, however, it is still trading down 46% from its November 4 all-time high of $0.956. There are 25 billion of a total of 30 billion tokens currently in circulation