Crypto exchange platform Crypto.com reportedly disclosed details of its newly formed alliance with Formula 1 in its racing series in 2021. 

Specifically, Formula 1 publicly announced that Crypto.com would reportedly become the new global and inaugural partner for its Sprint series this year – commenced to start on July 17. 

As included within the scope of the partnership – which is believed to reach up to $100 million in value – the exchange will take up the role of the racing series’ official cryptocurrency sponsor and nonfungible token (NFT) associate. 

“We will rely heavily on [Crypto.com’s] expertise as we explore the world of cryptocurrency, an area we are very interested in, and this will be the first time as a sport we are able to offer fans the opportunity to explore this exciting world as we further increase our digital presence” Formula 1’s director of commercial partnerships Ben Pincus additionally revealed. 

Formula 1 subtly noted that a chance of winning a new crypto-centric reward would be opened up to race car drivers, with details to be revealed before the Belgian Grand Prix event begins on Aug. 29. 

The racing series additionally shared its planned initiative to go in the footsteps of Crypto.com’s May decision – turning carbon negative in under 18 months – claiming its target of becoming ”net zero carbon” as a sport by 2030.

“We are both, at the core, technology organizations focused on innovation. It is in the DNA of organizations like ours to find smart, technological solutions to hard problems like addressing climate change.” Co-founder and Head of Crypto.com Kris Marszalek further revealed.