Mercedes F1 Team Suspends FTX Partnership
The Mercedes-AMG Petronas Formula One team said it is suspending its partnership with FTX as the crypto exchange grapples with a massive funding shortfall that has destabilized digital-currency markets.
Harshvardhan
7:39 11th Nov, 2022
Markets
A Mercedes spokesman said it is hitting pause on its sponsorship deal "as a first step," days before the motorsports team is slated to compete in the São Paulo Grand Prix in Brazil.
"This means the company will no longer appear on our race car and other branded assets from this weekend," the spokesman said. "We will continue to monitor closely the situation as it evolves.”
Mercedes-AMG Petronas was one of many sports teams and celebrities that signed sponsorship agreements with FTX as crypto prices soared in recent years.
