Crypto currencies taking over the world of sports continues with Formula One
As written for The Safe Driver by Jelena.
The storm of crypto currencies started years ago when the digital assets firms and organizations began to accelerate the world economy and soon became the leading, best-standing companies.
Millions and More Coming
Formula One has struck another large deal with a digital assets company, this time for $100 million in a sponsorship agreement with Crypto.com. The company is in the hands of Kris Marszalek, who is also the CEO & co-founder.
In July, the crypto currency company already got some of the best tier trackside slots for advertising at the British Grand Prix. Sports betting for Formula One has gone wild after the latest news about the deal between the two world-famous companies, one of which is the leading payment and crypto currency platform. This pairing will empower users to buy, sell, and pay with different crypto currencies while also opening the door to scenarios where they can get used to making that much more entertaining instead of regular debit or credit cards.
This step didn’t come as a surprise as its related igaming and casino industry is slowly but surely, shifting in the same direction, so they will both form a benchmark for one another of what is to come if it’s applied on a grander scale. There are already some online slot machines that support payments with Bitcoins, with other altcoins in the queue to leave another mark on the use of blockchain technology. So to bet on this fastest-growing industry that there is at the moment is, indeed, serious business.
Formula One Strikes Again
The deal got signed for the next five years, and the crypto company received new, great slots at Formula One races. The future of sponsorships is changing, making the companies focused on digital finance one of the leading sponsors for the sports industry, including the racing sector.
Also, soon after a reported $100 million sponsorship deal with Formula 1, Crypto.com has signed the second agreement with the Ultimate Fighting Championship (UFC), taking over the world of wrestling, as well.
Crypto currencies have been undergoing a process of normalization. In other words, it means methods that were rare before have now become the “norm.” For example, racing has signed deals with digital currencies companies after football and wrestling, with NASCAR and Formula One taking the plunge first.
Landon Cassill, the NASCAR racing driver, has signed an agreement with crypto currency exchange Voyager. He is to receive a whole compensation package in crypto currencies.
Crypto Taking Over the World
Companies dealing with Crypto currencies are getting more and more involved in the overall economy, becoming the leaders in sponsorships and advertising worldwide.
El Salvador was the first country to accept Bitcoin as legal currency. However, the state authorities are still evaluating whether or not they should hand out salaries in the form of crypto currency.
Earlier this year, research by Crypto.com showed that more than 220 million people were using crypto currencies for different purposes. Money in the digital form in the future.
However, the whole adjustment time is yet to follow. The fastest-growing crypto platform with over 10 million users worldwide has become the inaugural global partner of the new Sprint series for 2021, and that is a big deal.
Crypto is becoming more and more involved in the business of all sectors, becoming an essential part of the sports industry, too.
Crypto sponsorships are taking over the headlines with an increasing speed. Crypto.com has become all present at major sporting events.
After the sponsorship deal with the Italian soccer’s Coppa Italia final in May, the company has also signed an agreement with Montreal Canadiens, the National Hockey League team, in March.