Formula 1 adds naming rights partner for sprint races in $100 million deal

Formula 1 has announced a new sponsorship deal with Crypto.com, with the crypto platform to join as a global partner of the sport and naming rights partner for the debut of sprint races.

Formula 1 will trial Sprint Qualifying at three Grands Prix in 2021, with the format to begin at the British Grand Prix.

F1 announced today that the three events will form a Sprint series, adding to the previous announcement that the top three finishers in sprint races will receive World Championship points.

The platform, which boasts more than 10 million users and a VISA crypto card, will become the "Official Cryptocurrency Sponsor and NFT Partner of F1."

CNBC reports that the deal is for five years and worth more than $100 million USD.

President and CEO of Formula 1, Stefano Domenicali, said “we are pleased to welcome Crypto.com to the Formula 1 family, as we continue to attract progressive global brands anchored in performance and innovation.”

The company plans to present a new award per race, similar to the DHL sponsorship of the fastest lap and fastest pit stop awards, which will be announced prior to the Belgian Grand Prix.

Crypto.com adds this sponsorship to their growing portfolio which includes the Aston Martin F1 team.