- Both Lewis Hamilton and George Russel’s vehicles will not sport the FTX logo.
- In 2021, Mercedes partnered with FTX to promote the brand and release an NFT collection.
Prior to Sunday’s last race of the season in Brazil, the Mercedes Formula One team announced on Friday that they had discontinued a collaboration deal with insolvent cryptocurrency exchange FTX. Although the F1 team had said that they are keeping a careful eye on the situation with the trading platform, they have now stated that the collaboration is now terminated.
Moreover, Mercedes, one of the most successful Formula One teams, has confirmed that both Lewis Hamilton and George Russel’s vehicles will not still sport the FTX logo during this weekend’s Sao Paulo Grand Prix.
Slew of Partnerships
In 2021, Mercedes partnered with FTX to promote the brand and release an NFT collection for loyal customers. Earlier this year, Toto Wolff, the CEO of the former, said that cryptocurrencies are a part of “the modern technology” and that the industry would prosper in the years to come.
In recent months, the highest level of international racing has signed a slew of sponsorship deals with companies involved in the digital asset industry.
The cryptocurrency trading platform Crypto.com became Formula One’s Global and Inaugural Partner in 2021. As one would expect, the company’s emblem is prominently visible on the rails at all times. In February of 2022, the platform also became the Official Partner of the Miami Grand Prix.
Starting in 2022, Bybit became the Principal Team Partner for Red Bull’s Formula One team after signing a contract with the racing outfit. As part of the $150 million agreement, the trading venue’s logo will appear on Max Verstappen and Sergio Perez’s racing uniforms and vehicles.
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