Sam Bankman-Fried mentioned that FTX was considering ways to attract the mainstream audience to its platform. Such deals can facilitate this.
Leading cryptocurrency exchange FTX has announced the signing of a new sponsorship deal with the Mercedes-AMG Petronas Formula One (F1) team.
Per the multi-season deal, the FTX logo will be put on conspicuous display both on the cars, and drivers. The initial unveiling of the FTX branding will happen during the Russian Grand Prix scheduled for September 26. This will be expanded on in the lead-up to the 2022 season.
Additionally, the FTX logo will also be featured on the team’s Mercedes Benz trucks, in the garage, and trackside hospitality and communications facilities. FTX announced it will also have access to individuals in the F1 team. This would include Lewis Hamilton, veteran driver, and champion with 7 Formula one titles to his name.
CEO & Founder of FTX Sam Bankman-Fried had this to say about the news:
“FTX is thrilled to partner with the reigning Formula One World Champions and current team point leaders, Mercedes-AMG Petronas.”
How FTX will Benefit from the Sponsorship Deal with Mercedes
The Mercedes-AMG Petronas F1 team raised the bars of success in the F1. The team won the Constructors’ and Drivers’ World Championships for 7 consecutive years between 2014 and 2020.
Sam believes this would further amplify the exchange’s position. Such collaboration will mean that FTX can reach F1’s global fan base. Also, FTX and Mercedes F1 will partner on initiatives like the FTX Pay integration, an NFT collection, and some CSR initiatives. These will be announced subsequently.
On his part, Team Principal and CEO of Mercedes F1 Team, Toto Wolff stated
“We are very excited to welcome FTX to the Mercedes-AMG Petronas F1 Team. Their innovative spirit and creative energy make them a well-matched partner in our own relentless pursuit of performance.”
Wolff believes that the partnership will help create novel and exciting opportunities for fans globally.
This isn’t the first sponsorship deal brokered by FTX. However, it is the first of its kind by FTX with an F1 team. FTX’s deals with sports organizations have cost the company about $345 million.
And if the announcement of CEO Sam Bankman-Fried is anything to go by, there is more to come. Sam Bankman-Fried mentioned to the Block that FTX was considering ways to attract the mainstream audience to its platform. Such deals were to facilitate this.
In less than 2 years of its establishment, FTX has become an industry leader. Now one of the leading crypto exchanges globally, FTX.COM is not slowing down.FTX.COM hopes to be the platform for all users and is constantly innovating to achieve this. Owing to regulations, ftx.com is not available to US residents. They can however access regulated offerings through ftx.us.
An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.
