Mercedes is to keep the stickers of troubled crypto exchange firm FTX on its car this weekend F1 BrazilGP
FTX is facing bankruptcy if it cannot raise billions of dollars of funds to get itself out of a liquidity crisis that erupted at its affiliated Alameda Research company this week.team, collapsed after just 24 hours amid concerns about the scale of the financial hole FTX faced.
The troubles for FTX, one of the most high-profile crypto exchanges in the world, have triggered a meltdown in the crypto markets and pushed Bitcoin to its lowest price for two years. At the height of its success, FTX got involved in several high-profile sporting sponsorships. This included a $135 million deal for the Miami Heats’ NBA arena in Miami to be renamed the FTX Arena until 2040, as well as it being the official cryptocurrency brand of Major League Baseball.
But despite the cloud hanging over FTX, Mercedes has confirmed that the company’s logos will continue to run on the car and other associated assets for this weekend’s event in Interlagos. The team will, however, keep a close eye on developments surrounding the exchange as things move forward.
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