Cryptocurrency exchange FTX today announced the signing of a long-term sponsorship deal with Formula One team Mercedes-AMG Petronas.
Exact terms of the deal have not been disclosed, but FTX reports that it will cover several racing seasons. Throughout the period the logo of the exchange will be applied to the race cars and drivers’ uniforms. The result of the agreement can be seen as early as September 26 at the Russian Grand Prix, the company said.
“We are pleased to partner with the current Formula One champion and current points leader to continue to strengthen our position as the leading global cryptocurrency exchange,” said FTX CEO Sam Bankman-Fried.
Among other things, the FTX logo will be displayed on Mercedes-Benz trucks serving the team, in the garage and in specialized areas. In addition, FTX has promised to work with drivers, including Lewis Hamilton and Valtteri Bottas, to further increase brand awareness. FTX and Mercedes F1 will also collaborate on specific initiatives, including the integration of FTX Pay, the issuance of Non-Ferrous Tokens (NFT) and corporate social responsibility programs.
This is FTX’s first F1 deal, but the exchange has aggressively pursued sponsorships in the past, including partnerships with Miami Heat basketball and cybersports team TSM.