Exchange of cryptocurrencies FTX announced on Thursday that it has signed a long-term sponsorship agreement with Mercedes-AMG Petronas, a Formula One (F1) racing team.
The duration of the agreement has not been disclosed, but FTX stated that it will span multiple race seasons, with the FTX logo prominently displayed on both the cars and the drivers. According to the exchange, a portion of the FTX branding will be revealed during the upcoming Russian Grand Prix on September 26.
The FTX logo will also appear on Mercedes-Benz trucks, in the garage, as well as in hospitality and communications facilities. FTX also stated that it will have access to the F1 team’s members, including drivers Lewis Hamilton and Valtteri Bottas, in order to further expand its brand’s reach to F1’s global fan base. FTX and Mercedes F1 also intend to work together on projects such as FTX Pay integration, NFT collection, and corporate social responsibility initiatives.
While FTX has signed a number of such sponsorship agreements in recent months, this is the first time the exchange has collaborated with an F1 team. Crypto.com signed a five-year sponsorship agreement with Formula 1 in June, reportedly worth more than $100 million. Crypto.com also collaborated with the F1 team Aston Martin Cognizant earlier this year.
FTX has spent more than $300 million on such deals with various sports organizations, including the Miami Heat ($135 million) and TSM ($210 million). With such deals, FTX CEO Sam Bankman-Fried recently told ULTCOIN365 that the crypto exchange hopes to attract non-crypto natives to its platform.