F1 "not stuck in the past" with controversial cryptocurrency deals

Ocon, Alpine, Testing — Photo: © LAT Images

Alpine - Rossi

F1 "not stuck in the past" with controversial cryptocurrency deals

Cryptocurrency could lessen impact of "real" currency

Topher Smith

Thursday 10 March 2022 08:15

Alpine CEO Laurent Rossi believes F1 is proving itself to be "modern and relevant" by embracing the controversial world of cryptocurrency rather than being "stuck in the past".

F1 and its teams have quickly moved into the cryptocurrency domain, most notably with Red Bull recently announcing a record-breaking £150million, three-year deal with exchange platform Bybit.

F1 itself has engaged with crypto.com, while the same company has become the sponsor of the Miami Grand Prix over the duration of its 10-year contract that starts this season.

Alpine has also embraced the phenomena via a deal with Binance to launch digital collectables.

Although questions have been raised about the sustainability problems of cryptocurrency, Rossi claims the world's push for digitisation cannot be overlooked.

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"It is hard to ignore that we are digitising the entire world," said Rossi. “On our end, we embrace it - cryptocurrency, the digital universe, it is going to offer new possibilities.

“But I would argue as well cryptocurrencies can lessen the impact of real currencies that also have an adverse effect on societies so you can see the glass half full or half empty."

Naturally conceding to be "in favour", Rossi concluded: "I think it is going in the right direction.

"We are opening new eras and making sure Formula 1 stays modern and relevant to the audience, not stuck in the past.”

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