Mercedes Formula One team has stated to keep the company’s logo on its race cars for now despite the failure of the FTX cryptocurrency exchange. In addition, the F1 team has stated that they are closely monitoring the situation with the trading arena and have hinted that the agreement may be terminated in the near future.
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Mercedes, one of the most successful Formula One teams, has confirmed that both Lewis Hamilton and George Russel’s vehicles will still bear the FTX logo at this weekend’s Sao Paulo Grand Prix. However, the group warned that things might change if the cryptocurrency exchange doesn’t improve its liquidity soon.
In 2021, FTX and Mercedes-Benz teamed up for marketing and the release of an NFT collection for fans. Former CEO Toto Wolff claimed earlier this year that the cryptocurrency industry will flourish in the upcoming years because cryptocurrencies are a part of “the modern technology.” He continued:
“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.”
Formula One joins hands with Crypto.com
In recent months, the highest level of international racing has signed a number of sponsorship deals with companies involved in the digital asset industry.
In 2021, Crypto.com, a cryptocurrency exchange, became the Global and Inaugural Partner of Formula One. The company’s name and logo are prominently displayed on the tracks at all times. In addition, in February of this year, the platform was declared the Official Partner of the Miami Grand Prix.
On the contrary, it is important to note that Miami-Dade County is in the process of looking for new name rights partners right now as would be terminating its business arrangement with FTX and removing its name from the world-famous arena that serves as the home court for the National Basketball Association team known as the Miami Heat.
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