The Mercedes Formula 1 team has indicated that they have terminated the cooperation agreement with the crypto exchange FTX. This prior to the penultimate race of the F1 season.
FTX in trouble
Previously one of the largest exchanges worldwide, the crypto exchange is now struggling to raise the billions in funds it needs to survive. Supervisors and regulators are now also watching the FTX fiasco.
Last year Mercedes F1 signed a sponsorship deal with FTX, when the Formula 1 team was still the reigning champion. They are no longer this, since Max Verstappen will become champion for Red Bull this season for the second time in a row. Although there are still 2 races to be driven, the difference between the number 1 (Max Verstappen) and the number 2 (Sergio Pérez) is too great. Even if Verstappen would retire twice, there would be enough points left to become world champion again.
Now Mercedes says it has stopped the cooperation agreement with the crypto exchange as a first step. A team spokesperson added the following:
This means that as of this weekend, the crypto company will no longer be on our race car and other brand assets. We will continue to monitor the situation closely as it evolves.
The F1 season ends in Abu Dhabi on November 20, with Mercedes working hard to win another race this season. Both Lewis Hamilton and George Russell have not won anything at the end of the season.