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Market News Mercedes F1 team evaluating FTX sponsorship, branding stays for now

Mercedes F1 team evaluating FTX sponsorship, branding stays for now

The problematic cryptocurrency exchange FTX's branding will remain on the Mercedes Formula One team's vehicles for this weekend's Sao Paulo Grand Prix in Brazil as they monitor developments, the team announced on Thursday.

Cory Russell

2022-11-11

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The problematic cryptocurrency exchange FTX's branding will remain on the Mercedes Formula One team's vehicles for this weekend's Sao Paulo Grand Prix in Brazil as they monitor developments, the team announced on Thursday.

One of the biggest cryptocurrency exchanges in the world, FTX, is struggling to raise $9.4 billion from investors and competitors after being battered by a wave of customer withdrawals, a source said on Thursday.

In September 2021, FTX and Mercedes, the current Formula One champions, agreed to a sponsorship agreement.

Lewis Hamilton, a seven-time world champion, and fellow Briton George Russell's race vehicles will continue to carry the logo for the time being, according to a team official.

The race at Interlagos this weekend marks the halfway point of the season, which culminates on November 20 in Abu Dhabi.