The world of cryptocurrencies is going through difficult times. Formula 1 teams can also be affected.
Recently, on November 5th, the most popular cryptocurrency, bitcoin, was traded for CZK 521,732. Four days later it was only 382,444 CZK. Subsequently, the situation slightly stabilized at around CZK 400,000.
Cryptocurrencies are going through difficult times and can also affect the world of Formula 1. As many as eight teams have sponsors from this world. F1 therefore collaborates with Crypto.com.
The Mercedes sponsor is likely having the biggest problems – the FTX exchange is facing liquidity problems after users have started withdrawing their funds en masse. Up to $ 6 billion was reportedly raised in three days.
A potential bailout deal involving Alpine Binance-backed rival cryptocurrency exchange fell through in just one day. This has raised serious concerns about the future of FTX.
FTX founder and CEO Sam Bankman-Fried, who last year said the deal with Mercedes “would further strengthen our position as a world leader in cryptocurrency exchange,” apologized yesterday for the company’s troubles in a long post on social media.
The FTX logo is located, among other things, on the flanks of the rear wing. The photo in perex is from Mexico, but according to the information available it will also remain on the Interlagos cars.
F1 is not the only sport in which FTX is active. Some time ago, an agreement worth 135 million dollars was signed, under which the NBA Miami Heats arena will be called FTX Arena until 2040.
