Mercedes Formula1 team, FTX announced the suspension of their agreement with Although it was announced in the previous statement that FTX logos would also appear in the Brazilian Grand Prix, this was canceled with the new announcement. FTX has lost many of the important deals it has made before after problems. Here are the details of the news.
Koinfinans.com As we previously reported, the allegations about FTX and Alameda Research have created a big buzz in the industry. Binance CEO’s announcement that he will sell his FTT has accelerated the problems. As a result, clients tried to withdraw billions of dollars in assets in a very short time. As a matter of fact, this situation created a liquidity crisis and the stock market suspended withdrawals.
Binance’s decision to purchase the FTX exchange created a great negative atmosphere in the cryptocurrency market. However, after the investigations and new details, Binance announced that it was withdrawing from the agreement.
The Mercedes Formula1 team has also confirmed that it will not be promoting the brand in its cars this weekend. “As a first step, we suspended our partnership agreement with FTX,” a spokesperson told RaceFans. “This means that the company can no longer appear in our race car and other branded assets from this weekend.
“We will continue to monitor the situation closely as it develops,” the spokesperson said.
Mercedes’ deal with FTX began in September last year and was agreed to “cover multiple racing seasons”. The team used the logos on the nose of the vehicle, on the rear wing endplates and around the cockpit. He added eye-catching graphics to the Miami Grand Prix to promote the launch of the NFT series.
Mercedes also showcased the FTX logos on the driver’s hatches and other branded assets in the paddock.
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