Crypto’s Hold on Formula 1 Sponsoring Gets Tested in Singapore Grand Prix
At Formula 1's Miami Grand Prix in May, the dizzying displays of crypto companies sponsoring the sport were inescapable, with Crypto.com's blue branding covering every imaginable surface along the race track.
When Singapore hosts the most popular motor sport this weekend, the visibility of digital assets will be far more subdued. The Monetary Authority of Singapore will let teams show their crypto sponsors' logos only on cars and uniforms at the Singapore Grand Prix, but no advertising will be permitted around the track or in the local area.
The shift underscores the changing mood around crypto, both from a regulatory and a financial standpoint. Jurisdictions in Singapore, the UK and France have intensified scrutiny this year after digital asset prices soured, billion-dollar projects collapsed and major market players went bankrupt. As a result, F1's newest throng of advertisers are finding ways to make their mark without moving too boldly.
The rout in cryptocurrencies in recent months, which has wiped out around $2 trillion in value since November, has left crypto brands more cash-strapped but still keen to maintain what they've already invested to keep a foothold on the world stage.
Jeremy Walls, a senior executive for the Miami venue who helped close the deal with Crypto.com, said that current market dynamics may make crypto companies “be a little more thorough and thoughtful” about the deals they sign going forward.
“I'm still seeing people doing crypto partnerships now, it's just maybe not the pace that it once was,” Walls said.
Partnering with an F1 team has turned into a status symbol for crypto companies, a flashy multi-million-dollar accessory that signals affluence and success at a time when market
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