Mercedes has announced that it will continue to support the FTX platform
Mercedes has announced that it will continue to support the FTX platform
Mercedes, the global racing car company, announced that it will continue to support the FTX platform, which recently collapsed and went bankrupt.
Mercedes puts the FTX logo on its car
Despite the collapse of cryptocurrency platform FTX, the team Mercedes Company “Formula One” by not removing the company logo from its racing cars “F1”.
While vowing to monitor the situation with FTX, Formula One will continue to display the stock exchange’s logo on its cars.
However, the F1 team said they were monitoring the situation closely, hinting that they could end the partnership in the near future.
One of Mercedes’ top-performing Formula 1 teams, the FTX logo will appear on the cars driven by Lewis Hamilton and George Russell at this weekend’s Sao Paulo Grand Prix.
The firm reported that the situation may change in the future if the FTX platform does not resolve its liquidity issues.
Mercedes partnered with FTX in 2021 to announce the brand and launch the NFT range to the masses. Former president Toto Wolff argued earlier this year that cryptocurrencies are part of “modern technology” and that the sector will thrive in the coming years:
“When we look back 10 years later, we had to make two-day payments that could not be made outside our weekly business hours, which is a relic of the past. This is where cryptocurrencies come in, which saves us time and effort.
Mercedes Formula Team’s role in the cryptocurrency space
The Formula One team for Mercedes-Benz’s top-class international racing has entered into several partnerships with digital asset entities over the past several months.
CryptoCom teamed up with Formula One in 2021 to serve as its inaugural global partner. Not surprisingly, the Cryptocom company logo is displayed on the tracks during each race. Podium became an official partner of the Miami Grand Prix in February of this year.
Bybit has partnered with Red Bull’s F1 team since early 2022 to act as the racing team’s lead partner. As a result of the $150 million deal, the city’s logo was affixed to the clothing and cars of champion Max Verstappen and teammate Sergio Perez.
The Formula One team went deeper into the crypto space in August, presenting two brands related to NFTs and digital assets for the Las Vegas Grand Prix scheduled for November 2023.
The entity intends to offer virtual goods to its fan base, including virtual clothing, headphones, sports gear, digital art, memorabilia and more.
Read more:
