Mercedes Will Not Take away FTX Brand From its F1 Vehicles

Regardless of the crash of the crypto alternate FTX, the Mercedes Formulation One staff vowed to not take away the corporate’s emblem from its race automobiles.

Nonetheless, the F1 squad mentioned they’re intently monitoring the scenario with the buying and selling venue, hinting it would terminate the partnership within the close to future.

FTX’s Brand Stays on the Runway

Probably the greatest-performing Formulation One groups – Mercedes – said the logo of FTX will nonetheless be seen on the automobiles pushed by Lewis Hamilton and George Russel in the course of the Sao Paulo Grand Prix this weekend.

The group knowledgeable that the scenario may change sooner or later ought to the crypto alternate not clear up its liquidity points.

Mercedes partnered with FTX in 2021 to promote the model and launch an NFT assortment for followers. The previous’s boss Toto Wolff argued earlier this yr that cryptocurrencies are a part of “the trendy know-how” and that the sector will thrive within the years to come back.

“After we are trying again in 10 years’ time, having to make funds that take two days and might’t be finished exterior of weekly hours, it’s one thing that’s going to be a relic of the previous. And that is the place cryptocurrencies are coming,” he added.

Formulation One’s Interplay With Crypto

The very best class of worldwide racing inked quite a few partnerships with digital asset entities over the previous a number of months.

The alternate CryptoCom teamed up with Formulation One in 2021 to function its International and Inaugural Associate. Unsurprisingly, the corporate’s emblem is displayed on the tracks throughout each race. The platform additionally became the Official Associate of the Miami Grand Prix in February this yr.

Bybit shook hands with Pink Bull’s F1 staff at first of 2022 to function the Principal Crew Associate of the racing squad. On account of the $150 million deal, the logo of the buying and selling venue was positioned on the outfit and the automobiles of the reigning champion Max Verstappen and his teammate Sergio Perez.

Formulation One dived even deeper into the world of crypto in August by filing two emblems associated to NFTs and digital property for the Las Vegas Grand Prix occasion, scheduled for November 2023. The entity intends to supply digital items, together with digital clothes, headphones, sports activities gear, digital artwork, souvenirs, and extra, to its fan base.