Benzinga | Jul 1, 2021 03:31PM EDT

Crypto Platform Crypto.com Becomes Official Formula 1 Partner

The world-renowned racing competition Formula 1 is partnering with a cryptocurrency platform Crypto. com, which will become its global partner and inaugural partner of its F1 'Sprint" series.

What Happened: According to an announcement shared with Benzinga, Crypto.com will be present at the track at every race for the rest of the season as a global partner of the race organizer.

The first event featuring the crypto bank will be Saturday, July 17th, at Silverstone, ahead of the Formula 1 Pirelli British Grand Prix 2021.

As part of the partnership, Crypto.com will also help Formula 1 with its non-fungible token (NFT) efforts and present a brand new award, which will be announced ahead of the Belgian Grand Prix.

Formula 1 director of commercial partnerships Ben Pincus said that the company would "rely heavily" on the crypto platform as it explores the cryptocurrency industry further, "an area we are very interested in."

What Else: According to mid-September reports, Liberty Media Group (NASDAQ: LMCA) agreed to buy the race organizer in cash and securities transaction, causing United States investment bank Citigroup Inc to change its rating for the company to buy.

Read also: World Wide Web Inventor Sells Source Code As An NFT For $5.4M At Sotheby's

The deal was acclaimed as a "game-changer" for the company, which also decided to offer shares at a discount in mid-December to acquire the funds necessary for the acquisition.

Price Action: According to CoinMarketCap data, the company's token Crypto.com Coin (CRO) saw its value increase by over 7% from its 24-hour low of $0.1109 to a high of $0.1188 before settling at $0.1115 as of press time.