Formula 1 has announced cryptocurrency platform Crypto.com as the partner for its new series of Sprint races which will begin at next month’s British Grand Prix.
The new ‘sprint’ races will be held at three rounds of the championship this year. Following the format’s debut at Silverstone, further events will be held at Monza and one further circuit, likely to be Interlagos in Brazil or the Circuit of the Americas in the USA.
Cryptocurrencies have attracted controversy due to the large quantities of energy involved in the processing of transactions. Much of the energy comes from non-renewable sources.
Formula 1 aims to be a net zero producer of carbon emissions by 2030. Crypto.com has claimed it will become “carbon negative” by late 2023 and aims to present itself as the face of “clean crypto”.
In addition to its new branding presence, Crypto.com’s co-foudner and CEO Kris Marszalek said it will “present a brand new award” from the Belgian Grand Prix, the first race after F1’s summer break.
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