Formula 1 will run with cryptocurrency engines starting in July

The cryptocurrency exchange Crypto.com will be one of the sponsors of the highest category of international motorsport from the Silverstone Grand Prix, which will be held in Great Britain in mid-July. The company will give a special mention and will appear on the fences on the sides of the track for the remainder of the season.

As confirmed in a twitter post, this July 17th Crypto.com will wear your logo on the first Sprint Series that will have Formula 1 in its history. These new events consist of less extensive races than the main one on Sunday, and aim to improve the fan experience by offering at least one relevant event each day of the weekend.

“This is just the beginning of a long-standing partnership based on collaboration and innovation,” said the exchange on the social network. In addition, in a post on his blog, in which he gives more details about the agreement, he explains that they are also working on the development of non-expendable tokens (NFT) exclusive to F1.

On the other hand, both Formula 1 and Crypto.com they will join forces to advance their ecological sustainability plans. In this sense, the text details, F1 aims to be a sport with zero carbon footprint by 2030. For its part, the exchange presented a plan to fully offset the carbon generated by the company through various steps and with the support of entities specialized in environmental impact.

Regarding the link between the company and Formula 1, Ben Pincus, director of trade associations of F1, said that “we will rely on the experience of Crypto.com as we explore the world of cryptocurrencies, an area we are very interested in.”

Meanwhile, in the article published on its blog, the exchange details that it was “the first crypto platform to partner with an F1 team (Aston Martin), a National Hockey League team (Montreal Canadiens) and a football league (Italy’s Serie A).”

Formula 1 aims for innovation

The highest automotive category is an environment open to new technologies almost by nature, so it is not striking that it concretizes partnerships with firms in the field. For example, Crypto news reported in May about the union between Red Bull Honda Racing, one of the leading teams in F1, and Tezos for the creation of the NFT team.

Just a month later, in June, the news broke that McLaren would do the same, and also on that same blockchain. This British team is one of the most traditional and winning teams in the history of Formula 1.

Finally, leaving the F1 itself but still within the world of motorsport, recently had much impact the participation of Bitcoin Car in the traditional Indy 500. The car, owned by Ed Carpenter Racing and driven by Rinus VeeKay, finished eighth in the historic Indianapolis race.