As quickly as they entered the flagship category, cryptocurrencies seem to have moved away from it just as quickly.<\/p>\n
Mercedes was the first to terminate its sponsorship agreement with the crypto company FTX during the Grand Prix of Brazil, last November. This announcement came as a result of the platform’s sudden liquidity crisis, which led to its bankruptcy and subsequently caused a decline in the cryptocurrency market.<\/p>\n
Toto Wolf, director of the Mercedes team, then expressed his surprise at this situation: “We considered signing an agreement with FTX because they were one of the most credible, solid, and financially healthy partners that existed,” commented the Austrian.<\/p>\n
\u00ab We can see that a cryptocurrency company can be brought to its knees and disappear in a week, which shows how vulnerable the sector still is. It is not regulated and I believe it should be, because there are numerous clients, investors, and partners like us who have been left in complete disbelief by what has happened.<\/p>\n
\u00bb<\/p>\n
Subsequently, conjectures had started to emerge about the agreements of the other Formula 1 teams with cryptocurrency companies.<\/p>\n
Suppositions that were confirmed just before the end-of-year holidays, with Red Bull witnessing the cryptocurrency Tezos withdrawing itself as explained by Mason Edwards, the commercial manager: “The Tezos foundation has decided not to renew its agreement with Red Bull Racing, as it no longer aligns with our current strategy.”<\/p>\n
Despite this announcement, the foundation is still connected to the McLaren team, while the Austrian team continues to have its partnership with the cryptocurrency company: Bybit.<\/p>\n
For a reminder, this is the biggest cryptocurrency sponsorship contract in Formula 1 history with a 150 million dollar agreement.<\/p>\n
A few weeks later, it was Ferrari’s turn to suspend its multi-year collaboration with Velas Network AG, one of its most important sponsors, which could have been visible in 2022 on the rear wings of the red cars. A financial loss of 30 million euros, but compensated by the arrival of Genesys, a global leader in customer experience, allowing companies to deepen customer connection through cloud and digital technologies.<\/p>\n
Finally, recently, after the top teams, it’s AlphaTauri who followed suit by removing the Fantom from the list of its partners.<\/p>\n
\nWe are pleased to announce the arrival of a new Team Partner: @Genesys<\/a>.https:\/\/t.co\/Jk0ERSFog6<\/a><\/p>\n
Welcome to the family! \ud83d\udc4a pic.twitter.com\/DBFsKuNiXg<\/a><\/p>\n