While vowing to monitor the situation with FTX, Formula One will keep displaying the exchange’s logo on its cars.
Despite the crash of the crypto exchange FTX, the Mercedes Formula One team vowed not to remove the company’s logo from its race cars.
Still, the F1 squad said they are closely monitoring the situation with the trading venue, hinting it might terminate the partnership in the near future.
FTX’s Logo Remains on the Runway
One of the best-performing Formula One teams – Mercedes – said the emblem of FTX will still be visible on the cars driven by Lewis Hamilton and George Russel during the Sao Paulo Grand Prix this weekend.
The organization informed that the situation could change in the future should the crypto exchange not solve its liquidity issues.
Mercedes partnered with FTX in 2021 to advertise the brand and launch an NFT collection for fans. The former’s boss Toto Wolff argued earlier this year that cryptocurrencies are part of “the modern technology” and that the sector will thrive in the years to come.
“When we are looking back in 10 years’ time, having to make payments that take two days and can’t be done outside of weekly hours, it is something that’s going to be a relic of the past. And this is where cryptocurrencies are coming,” he added.
Formula One’s Interaction With Crypto
The highest class of international racing inked numerous partnerships with digital asset entities over the past several months.
The exchange CryptoCom teamed up with Formula One in 2021 to serve as its Global and Inaugural Partner. Unsurprisingly, the company’s logo is displayed on the tracks during every race. The platform also became the Official Partner of the Miami Grand Prix in February this year.
Bybit shook hands with Red Bull’s F1 team at the beginning of 2022 to serve as the Principal Team Partner of the racing squad. As a result of the $150 million deal, the emblem of the trading venue was placed on the outfit and the cars of the reigning champion Max Verstappen and his teammate Sergio Perez.
Formula One dived even deeper into the world of crypto in August by filing two trademarks related to NFTs and digital assets for the Las Vegas Grand Prix event, scheduled for November 2023. The entity intends to offer virtual goods, including virtual clothing, headphones, sports gear, digital art, souvenirs, and more, to its fan base.