Eight of the 10 F1 teams have sponsorship deals with crypto firms. But McLaren's Zak Brown feels the 'complete mess' trigerred by the collapse of the FTX exchange won't affect the sport much.
Formula 1 will weather the storm caused by the"complete mess" of the collapse of cryptocurrency exchange FTX and the contagion it triggered, says McLaren boss Zak Brown.The recent bankruptcy of FTX in the wake of an $8 billion liquidity crunch sent panic through the crypto markets – which in turn has had an impact on F1 teams.
The demise of FTX impacted other companies that had loans or financial arrangements with it, and prompted concerns about contagion in the market amid uncertainty about the reserves of other major exchanges. Asked by Motorsport.com if there was a risk of a wider potential impact of the crypto meltdown on F1, Brown said: “The FTX [situation] certainly seems to be a complete mess.
“Everyone that I've spoken within the financial industry is very bullish on crypto and blockchain as a financial instrument moving forward. And it's just going to be a case of who are going to be the big players in the space. We're convinced OKX is going to be one of them and they've been rock solid with us.”
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