FTX Partners with Mercedes-AMG Petronas Formula One Team

Crypto exchange FTX Trading Limited ("FTX" ) announced that it has inked a long-term partnership with the Mercedes-AMG Petronas Formula One Team.

According to the press release, the partnership will span multiple race seasons with the FTX logo being featured on the car, the team drivers, team's fleet of Mercedes-Benz trucks, in the garage, and on all Partner logo displays in the trackside hospitality and communications facilities.

In addition, FTX and Mercedes F1 will also look to embark on other strategic initiatives together such as the integration of FTX Pay, an NFT collection, and corporate social responsibility initiatives which will be announced and rolled out at a later date.

The inaugural race of the relationship between the parties will be the Russian Grand Prix on September 26. Also, FTX noted that such a deal is expected to extend further to the start of the next year’s season.

"FTX is thrilled to partner with the reigning Formula One World Champions and current team point leaders, Mercedes-AMG Petronas, to continue amplifying our position as the leading global cryptocurrency exchange,”Sam Bankman-Fried, CEO & Founder of FTX said.

Earlier this month, FTX announced that its Gibraltar subsidiary, Zubr Exchange Limited, has received Distributed Ledger Technology (DLT) provider license​ from the Gibraltar Financial Services Commission (GFSC).