Exchange of cryptocurrencies FTX announced on Thursday that it has entered a long-term sponsorship agreement with Mercedes-AMG Petronas, a Formula One (F1) racing team.
The agreement's length has not been disclosed, although FTX has said that it will last multiple race seasons, with the FTX name prominently displayed on both the vehicles and the drivers.
According to the exchange, a part of the FTX logo will be revealed on September 26 at the upcoming Russian Grand Prix.
The FTX logo will also be seen on Mercedes-Benz trucks, in the garage, and in hospitality and communication facilities.
FTX also announced that it will have access to the F1 team's members, including drivers Lewis Hamilton and Valtteri Bottas, in order to further expand its brand's reach among F1's global fan base.
Mercedes F1 and FTX also intend to work together on projects such as FTX Pay integration, NFT collecting, and corporate social responsibility activities.
While FTX has signed many similar sponsorship agreements in recent months, this is the first time the exchange has collaborated with an F1 team.
Crypto.com inked a five-year sponsorship agreement with Formula 1 in June, allegedly for more than $100 million. Crypto.com also collaborated with the F1 team Aston Martin Cognizant earlier this year.
FTX has spent more than $300 million on similar partnerships with numerous sports groups, including the Miami Heat ($135 million) and TSM ($210 million).
With such partnerships, FTX CEO Sam Bankman-Fried recently told that the crypto exchange hopes to attract non-crypto natives to its platform.
FTX.COM is a cryptocurrency exchange that was designed by traders for traders. FTX.COM aspires to be the most creative exchange in the market by providing an easy yet powerful platform for all types of users.
Since its inception, FTX.COM has developed rapidly, becoming one of the world's most reputable cryptocurrency exchanges in less than two years.
Mercedes-works Benz's Formula One team is Petronas F1 Team. The race vehicles and Hybrid Power Units are designed, developed, manufactured, and raced by the team. They are driven by Lewis Hamilton, a seven-time World Champion, and Valtteri Bottas.