coindesk.com
Crypto lender Nexo signed a four-year sponsorship agreement with the Audi Revolut Formula 1 team, extending its sports partnerships just one month after landing a deal with the Australian Open tennis grand slam.
The agreement is worth tens of millions of dollars, people familiar with the deal told CoinDesk.
Crypto exchanges invested $568 million in sports sponsorships in the 2024-2025 season. Soccer still dominates, accounting for nearly 60% of all new sponsorships. While crypto advertising boomed in 2021 and 2022, recent partnerships reflect a shift toward sustained brand embedding, particularly in elite cultural domains.
“This multi-year agreement grants Nexo category exclusivity for digital assets, with a strategic framework that allows for long-term extension,” Konstantin Rangelov, Nexo's brand marketing manager said in an interview. “The brand will be deeply integrated into the team’s visual identity, featuring prominent placements on the car livery, as well as the helmets and sleeves of both the drivers and the pit crew."
Nexo is the fourth crypto company to become an F1 sponsor. Coinbase (COIN) partnered with the Aston Martin Aramco team in early 2025, Kraken became Williams Racing’s sponsor and Bybit became a Red Bull Racing sponsor in 2024.
The deal ties Nexo to one of motorsport’s most visible stages as Audi prepares to enter Formula 1 for the first time in 2026, with the team positioning the partnership as part of a broader push to engage global audiences through digital-first activations and premium experiences.
The crypto lender recently became the virtual assets firm to sponsor a Grand Slam tennis tournament, signing a three-year partnership with Tennis Australia. The deal includes branding rights at the Australian Open and other Summer of Tennis events such as the United Cup and Adelaide International.