Eight of the ten teams competing in the high-profile international series are sponsored by cryptocurrency companies.
F1 has benefited greatly from Netflix's (NFLX) reality show "Drive to Survive" throughout the years.
Red Bull and Ferrari, the top two teams in Formula One so far this season, have revealed new crypto sponsorship arrangements in recent months.
Red Bull has a contract with bitcoin exchange Bybit, while Ferrari (Race) is partnering with blockchain company Velas.
Other major Formula One teams are also experimenting with cryptocurrencies. OKEx has a long-standing partnership with McLaren.
According to Haider Rafiq, "We are not just leaving our mark on McLaren Automobiles. With the NFT and Metaverse, we are helping McLaren."
OKX is the only crypto business to sponsor the Formula One team.
The emblem is featured more prominently in the McLaren cars and racing outfits of Lando Norris and Daniel Ricciardo.
“Cryptocurrency is a huge industry. It is a vital component of the future of the economy,” said McLaren Racing CEO Zack Brown.
McLaren's Brown said he is "very excited" about cryptocurrencies and has a wide portfolio of cryptocurrencies.
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