Formula 1 has renewed its partnership with exchange platform Crypto.com, extending the agreement until 2030 as the two entities seek to capitalize on their shared momentum.

The renewed partnership will see Crypto.com continue to feature prominently at major Formula 1 events, including the Miami Grand Prix, where it has been the main sponsor since the start of the race in 2022.

The deal, which was first signed in 2021, marks Formula 1's entry into the world of cryptocurrencies at a time when digital assets are experiencing explosive growth.

The initial partnership positioned Crypto.com as the official cryptocurrency sponsor of the sport and global partner of the then-new Sprint Qualifying Series.

This coincided with Formula 1 seeking to expand its global presence and attract younger audiences, especially in untapped markets, including the United States.

For Crypto.com, the deal was part of an aggressive marketing campaign to establish itself as a household name in the digital finance sector.

Since 2021, both parties have expanded significantly. Formula 1 now boasts a global fan base of 750 million, a cumulative television audience of 1.5 billion, and 96 million social media followers.

Crypto.com, which had fewer than 10 million users when the partnership began, claims its platform now serves more than 100 million customers worldwide, according to a report by Crypto.com. statement From the husband on Thursday.

Terms of the deal were not disclosed, including the amount Crypto.com paid to Formula 1. The pair declined to comment further, a spokesman said.

Crypto.com's marketing strategy relied heavily on sports sponsorship.

In addition to Formula 1, the Singapore-based platform has inked deals with the UFC, FIFA and the Los Angeles Lakers, and renamed the Staples Center to Crypto.com Arena in a high-profile move.

Despite being smaller than industry giants like Binance and Coinbase, Crypto.com has managed to build significant brand recognition in a highly competitive market.

This extension comes as the cryptocurrency industry faces increased regulatory scrutiny and market volatility.

For Formula 1, the deal represents a vote of confidence in the sport's ability to attract non-traditional sponsors while continuing to grow its commercial portfolio.