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Big Law

Formula 1 Partners With Crypto.com in a $100 Million Sponsorship

Formula 1 landed a new sponsor Tuesday in a deal with Crypto.com, a platform that allows users to buy and sell cryptocurrencies. The terms of the agreement were not provided, but people familiar with the pact told CNBC it’s a five-year deal that totals more than $100 million.

As part of the agreement, Crypto.com will get brand presence around F1 events, including the new Sprint qualifying format that will be used in some races to determine the starting positions of the cars. Crypto.com will also receive trackside slots at F1 races for the remainder of the season.

The company will also introduce a new award at F1′s Belgian Grand Prix in August and become its NFT partner. The Crypto.com agreement takes effect on July 17, a day before the 2021 British Grand Prix at the Silverstone Circuit in England.

Read the source article at cnbc.com

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