Formula One Monaco GP Signs Multiple Partnerships as It Explores Crypto Space

F1 Monaco GP, also the Monaco Grand Prix, a Formula One motor racing annual event, has been exploring the crypto space. With the continuous support from the crypto community, it does not seem like the buzz is about to come to an end. The international racing team has been in the news and making headlines for some time. Formula One has entered into business relationships with crypto companies like Bybit, Crypto.com, and more.

Over time, the racing team has made its debut in the non-fungible token (NFT) space and signed long-term partnerships. The crypto community is also bullish on the racing group with unrepentant commitments. Oracle Red Bull Racing, F1’s fastest pit crew, partnered with Bybit for Monaco Grand Prix 2022. The partnership was for the launch of the 2022 limited-edition NFT collection minted on the Tezos blockchain for ORBC. The NFTs are available through an auction. Bidders get to collect digital collectibles that show Red Bull’s past, present, and future.

Bybit co-founder and CEO Ben Zhou told Cointelegraph that Formula One and the crypto trading platform are mutually benefitting from the partnership. Zhou said the agreement has been attracting young investors to the F1 fan base. He added:

“Formula 1 is the challenger of the norm, and that really goes well with crypto. It’s a really huge synergy we see.”

Furthermore, Bybit has premiered a new film that stars Red Bull drivers Max Verstappen and Sergio “Checo” Perez. Titled “The Search for the Next Level,” it is about the launch of the RB18 car. Bybit posted a clip of the film with a link to watch the full movie.

Formula One Furthers Entry into the Crypto Community

Additionally, Aston Martin’s Formula One entered a multi-year partnership with Crypto.com on fan engagement and investment initiatives. Under the deal, Aston Martin’s Formula One cars will reveal the Crypto.com logo. That means more exposure for the crypto exchange, considering the millions of viewers the event would have. Crypto.com CEO and co-founder Kris Marszalek spoke on the relationship between Aston Martin’s Formula One and the crypto exchange.  He said:

“The fact that a cryptocurrency company can go out there and make a statement like this, and align with such a well-respected brand with such a huge tradition as Aston Martin, it makes a statement that the industry is maturing.”

Binance also agreed with Alpine F1 Team for the issuance of NFT airdrops and collectibles. During an event on the 20th of May, Binance allows a fan to experience the life of an Alpine F1 mechanic. Blockchain firm Velas, crypto exchange FTX, Mercedes, and Alfa Romeo are some collaborations active in the Monaco Grand Prix 2022.