F1 News

AlphaTauri breaks sponsorship partnership with ICM and Fantom

AlphaTauri also removes 'cryptosponsors' from partner list

4 January 2023 at 13:20
  • GPblog.com

Just as quickly as crypto platforms joined F1 teams last year, the companies now seem to be leaving. AlphaTauri has removed blockchain and trading platforms Fantom and ICM from its partner list.

The world of crypto currencies has been in dire straits for several months and confidence in digital currencies is waning. The value and cash flows of the so-called 'brokers' are also scarce as a result. It is not yet backed up with a statement from the teams, but it is quite conceivable that the rickety crypto market is the reason for the withdrawal of crypto sponsors in Formula 1.

AlphaTauri breaks with crypto world

After it was announced that Scuderia Ferrari were ending their partnership with Velas next season after only one year, it has now also come out that AlphaTauri has removed the Fantom and ICM platforms from its partner list as reported by Decalspotters.com. The disconnect between the crypto companies and AlphaTauri appears to be one of the final nails in the coffin of the marriage between Formula 1 and the crypto world. Mercedes was the first to break with its crypto sponsor when FTX fell over. Red Bull has also severed ties with Tezos.

The three big teams set an example and AlphaTauri is following suit. It is expected to be a matter of time before we hear about more broken sponsorship deals. Almost every team on the grid is in league with a crypto sponsor. For now, by the way, the partnership between Red Bull and ByBit is still in place.