CoinDesk Crypto

Decentralized finance (DeFi) is “the future of where the industry is going,” according to Coinbase CEO Brian Armstrong. In a Tuesday blog post he delineated how his cryptocurrency exchange will serve the growing demand for DeFi products and services.

“We’re seeing crypto quickly mature … to the trading of thousands of new assets, and the adoption of new use cases” including DeFi, non-fungible tokens (NFT), smart contracts, decentralized autonomous organizations (DAOs) and more, Armstrong wrote.

Just as Coinbase has “helped people access bitcoin for the first time … we need to do the same for the decentralized cryptoeconomy,” he said.

Related: USDC Stablecoin Could Soon Expand to 10 More Blockchains

Armstrong wrote that Coinbase expects to add assets to the platform more quickly, broaden its geographic focus to ship products “that work globally” and construct a crypto app store, akin to Apple’s.

In the more immediate future, Armstrong wrote, Coinbase would cut the length of its legal review to evaluate asset issuers from 70 to 12 questions and create a more efficient compliance and security review process. Coinbase will also construct what he termed “an experimental zone for new assets” ensuring the company can provide a fuller picture of their risks for customers, and take steps so that users can access “most assets for basic wallet functionality.”

Armstrong promised to send more products to new international markets, while still working with regulators “in more established markets,” and that “any app built on decentralized crypto rails will be accessible to users of the Coinbase app.”

He added that customers would have “the option to do self-custody of their crypto in the main Coinbase app.”

Related Stories

• Coinbase Debuts Savings Product With 4% APY on USDC Deposits
• DeFi Meets AI: Fetch.ai Launches ‘Intelligent Automation’ for Uniswap V2 and PancakeSwap
• A16z Leads $12M Investment in DeFi-Native Crypto Tracing Firm Nansen

Bitcoin traded higher on Tuesday, rising about 6% over the past 24 hours. Cryptocurrencies are in relief mode as selling pressure from May stabilizes in a tight range between $30,000 and $40,000. Traders are watching for signs of capitulation as bitcoin appears to be oversold and shorts unwind positions.

Crypto markets have been resilient despite regulatory crackdowns in China and the U.K. On Monday, Reuters reported that several companies have abandoned their efforts to register with the U.K.’s Financial Conduct Authority amid mounting regulatory scrutiny on the industry.  

“Prices rising in the face of bad news may be a sign of the seller exhaustion we need to go higher,” David Grider, a strategist at FundStrat, wrote in a newsletter on Monday.

Latest prices

Related: How the Macro Landscape Is Shaping Bitcoin Markets

Cryptocurrencies:

• Bitcoin (BTC) $36387.21, +5.74%
• Ether (ETH) $2221.89, +5.27%

Traditional markets:

• S&P 500: 4291.67, +0.025%
• Gold: $1761.22, -0.97%
• 10-year Treasury yield closed at 1.475%, compared with 1.472% on Monday

Where to from here

“We do think this could continue to be a choppy market for a bit as prices reestablish their trend, and we could even retest the $31K level, but overall, we remain in the bullish camp over the balance of the year,” Grider wrote.

From a technical perspective, bitcoin’s long-term trend remains intact despite the loss of intermediate-term momentum. The $34,000 price level has prevented secondary support near $27,000 from becoming relevant, according to Katie Stockton, managing partner at Fairlead Strategies.

Related: Musk’s Tweets Swayed Some Investors on Bitcoin Environmental Concerns, Survey Shows

“We would view a breakout above the 50-day moving average [around $38,000] as a positive catalyst supporting a test of secondary resistance near $44K,” Stockton wrote in a report published Monday. 

The big economic data point analysts are awaiting this week is Friday’s U.S. jobs report, which could affect assets that are deemed to be risky, including cryptocurrencies. 

“If Friday’s employment numbers come in stronger than expected, market participants could anticipate the Fed raising rates sooner than expected,” Alexander Blum, managing partner at digital asset manager Two Prime, wrote in an email to CoinDesk.

A strong jobs report could be bearish for digital assets in the near-term, according to Blum, while a weaker-than-expected number would be bullish. 

Returns collide

Bitcoin’s year-to-date return of about 20% is beating the S&P 500 Index, but trailing the Thomson Reuters Core Commodity Index. 

Over the past year, bitcoin and ether had a similar risk-adjusted performance to popular U.S. stocks such as Alphabet (NASDAQ: GOOG) and Tesla (NASDAQ: TSLA).

Bitcoin cycle decoupling

The current bitcoin bull cycle has decoupled from the 2013 and 2017 cycles. This is due to a combination of factors including regulatory crackdowns, environmental concerns and an occasional tweet from Tesla CEO Elon Musk, which interrupted the 2021 bull cycle. 

“It’s important to note that each cycle is ultimately unique,” wrote Coin Metrics, in a newsletter published Monday. “Every halving has effectively signaled the start of a new cycle, with the 2013 cycle peaking 370 days after the first halving, and the 2017 cycle peaking 524 days after the second halving.”

Bitcoin is currently 413 days after the third halving, which occurred in May 2020, as shown in the chart below. 

Hedge funds unwind short positions

The open interest of bitcoin futures at CME Group in June is at a yearly low, with the open interest currently standing at $1.39 billion, according to data from Skew. 

It shows that hedge funds are now unwinding their short positions as cash-and-carry trades, a strategy that aims to exploit differences between spot and futures market, are not lucrative anymore, according to Arcane Research. 

Hedge funds were net shorting $1.5 billion worth of bitcoin contracts at its peak, and the number has fallen to $400 million, according to Arcane. 

Altcoin roundup

• Ethereum transaction fees: Ethereum transaction fees have dropped to their lowest since December because blockchain activity has cooled while use of Ethereum layer 2 solution protocols such as Polygon (MATIC) has heated up. Gas refers to the computational efforts required to execute specific operations on the Ethereum network. A fee, paid in ether, is required to successfully conduct a transaction on Ethereum.
• DeFi Meets AI: Fetch.ai, a Cambridge, U.K.-based artificial-intelligence lab with a penchant for crypto, has launched a service to combat the risk of losses across the experimental decentralized finance (DeFi) market. The DeFi Agents toolkit can be set to automatically withdraw users’ funds from Uniswap v2 and PancakeSwap based on predefined conditions such as the exchange rate for a given token dropping to a certain level.

Relevant news

• Cathie Wood’s ARK Invest, 21Shares Team Up to Enter Bitcoin ETF Race
• Coinbase Debuts Savings Product With 4% APY on USDC Deposits
• Tom Brady, Gisele Bündchen Become Part Owners of FTX

Other Markets

All but one digital assets on the CoinDesk 20 ended up higher on Tuesday.

Notable winners as of 21:00 UTC (4:00 p.m. ET): 

xrp (XRP) +11.95%

stellar (XLM) +8.99%

filecoin (FIL) +8.27%

Notable losers: 

USD Coin (USDC) -0.01%

Related Stories

• Bitcoin’s ‘Puell Multiple’ Flashes Misleading Bullish Signal as China Bans Mining
• Bitcoin Gathers Upside Momentum, Faces Resistance Near $40K

Argo Blockchain (LON: ARB) announced that it has secured a £14 million (US$20 million) loan from Galaxy Digital to expand its West Texas data center.

• Argo Blockchain said the loan agreement is for a term of six months and includes a portion of the company’s bitcoin holding as collateral.
• Proceeds will be used to continue the expansion of the company’s data center in West Texas and to meet its operating cash flow requirements. 
• In March, London-based Argo acquired the New York firm DPN LLC, bringing it ownership of a chunk of land in West Texas for the construction of a new cryptocurrency mining facility.
• “This agreement allows Argo to secure competitive terms on a loan facility while also allowing us to continue to HODL our bitcoin,” Argo CEO Peter Wall said.

Read more: Argo and DMG Join Group Working to Lower Bitcoin Miners’ Carbon Emissions

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Just under half of U.S. investors have a problem with bitcoin’s environmental issues, with some of them apparently swayed by Tesla CEO Elon Musk’s tweets on the matter, a new survey shows.

Some 49% of 1,103 respondents to the Investing.com survey said that “bitcoin being environmentally unfriendly” is an issue for them as an investor, according to a summary of the results posted on the information service’s website. 

The survey provides some evidence of how drastically some investors’ opinions on bitcoin changed after  Musk tweeted his concerns in May, when he reversed an earlier policy of accepting the cryptocurrency as payment for Tesla’s electric vehicles.

Related: Market Wrap: Bitcoin Pushes Higher as Short Bets Unwind

Since then, there’s been about a 40%% price drop for the world’s largest cryptocurrency, according to the CoinDesk Bitcoin Price Index. Cathie Wood, CEO of Ark Investments, said at the Robin Hood Investors Conference on June 16 that the downturn was due to investors’ growing awareness of the sheer amount of electricity it takes to mine the cryptocurrency. 

Some 70% of investors who took part in Investing.com’s survey said they would favor a more “green” cryptocurrency, while 36% didn’t even realize that bitcoin had environmental implications before Musk’s comments on the issue. 

According to Investing.com, 30% of the respondents sold their bitcoin last month, with one in five attributing the decision to Musk’s comments about the environment. 

Musk’s tweets on cryptocurrency were seen as “annoying” by 33% of respondents, “unfair” by 22% and “entertaining” by 27%, the summary reads. 

Related: How the Macro Landscape Is Shaping Bitcoin Markets

“After being hailed and crowned as king of the crypto community, Elon Musk has made himself some new enemies lately, following his recent shock about-face on bitcoin,” said Jesse Cohen, an analyst at Investing.com. “For an asset whose price is driven mostly by psychological sentiment and momentum, bitcoin could have a hard time recovering.”

When respondents were asked if Musk’s “manipulation of cryptocurrency values has changed their view of that investment,” 51% said Musk has “too much power” and 24% said they don’t believe the billionaire has too much influence. 

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• Bitcoin Miner TeraWulf to Buy 30K Bitmain Mining Machines
• Bitcoin’s ‘Puell Multiple’ Flashes Misleading Bullish Signal as China Bans Mining

Bitcoin mining company TeraWulf has agreed to purchase 30,000 mining machines from Bitmain.

• In a blog post on Tuesday, Bitmain said TeraWulf will buy Bitmain’s latest generation of miners dubbed the Antminer S19j Pro, which will be delivered from January to June 2022.
• Once the machines have been delivered and deployed, TeraWulf is expected to increase its total mining hash rate by 3 exahashes per second, which means the machines will be able to compute an extra 3 quintillion calculations per second. Quintillion is a number followed by 18 zeros.
• TeraWulf is set for a Nasdaq listing after it agreed to merge with Ikonics, an imaging-technology company whose stock trades on Nasdaq. The combined company will trade under the ticker symbol, “WULF.”

Read more: Bitcoin Miner TeraWulf to Merge With Nasdaq-Listed Ikonics

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• Musk’s Tweets Swayed Some Investors on Bitcoin Environmental Concerns, Survey Shows
• Bitcoin’s ‘Puell Multiple’ Flashes Misleading Bullish Signal as China Bans Mining
• Market Wrap: Cryptocurrencies Rise Despite Binance UK Warning
• Bitcoin Mining Hashrate Drops to 1-Year Low; Difficulty Set for 25% Decrease

Coinbase, one of the world’s largest cryptocurrency exchanges, plans to expand internationally and seeks to list every crypto on its exchange.

Cryptocurrency exchange Kraken said it has reduced deposit fees to zero across all its more than 70 digital assets, starting today.

• The reduction is expected to bring more stability to pricing between Kraken and decentralized finance (DeFi) protocols and applications, Kraken said.
• “By cutting out deposit fees, clients can experience the lowest possible friction on their crypto journey,” said Jeremy Welch, chief product officer at Kraken.
• Kraken said it is preparing for its long-term ambition to provide DeFi products and services from the exchange.

Read more: Kraken to No Longer Offer Margin Trading for US Investors Who Don’t Meet ‘Certain’ Requirements

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The past year-plus has seen a fresh explosion in cryptocurrencies. Companies are enabling payments via these digital assets or embracing the blockchain technology behind Bitcoin and others, creating a boon for some of the biggest cryptocurrencies.

Social token platform Coinvise has raised $2.5 million in a seed-funding round led by Galaxy Digital HK and IDEO CoLab Ventures.

“The overarching goal of Coinvise,” the firm wrote, “is to utilize social tokens as a means to incentivize better coordination within communities and enable creators to monetize their work without giving ownership to centralized platforms.”

It’s a vision in keeping with Web3’s “ownership economy” thesis, where a platform’s users also own it through a shared currency.

Related: A16z Leads $12M Investment in DeFi-Native Crypto Tracing Firm Nansen

Coinvise joins other social token platforms such as Rally, Roll and Fyooz, but offers a suite of tools aimed at making it easy for creators to use their tokens for “rewards, airdrops, crowdfunding, gated access and [non-fungible tokens],” the firm wrote.

The platform operates on both the Ethereum and Polygon networks.

Scalar Capital, A.Capital, DeFi Alliance, FreeCo, Global Coin Research, Perpetual Value, Morgan Beller and Block0 also joined the round. A laundry list of angel investors includes Jill Carlson, Jaynti Kanani, Alex Masmej and others.

“Coinvise is unlocking tremendous value for communities by streamlining the process around minting and exchanging social tokens as well as NFTs.” said investor Volt Capital’s Soona Amhaz. “We’re excited to work with CEO Jenil [Thakker] as he leads the way in building out the new creator economy.”

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In the eyes of its critics, Bitcoin can’t win. The normal knock on it is that it is way too volatile, whereas a month of relative stability, such as the one we have seen recently, is criticized as evidence that the boom is over.

Worldcoin, a startup founded by former Y Combinator head Sam Altman, wants to distribute crypto to everyone on the planet by scanning their eyeballs.

• The company has designed an orb-shaped unit that can produce a unique personal identifier from an iris scan, Bloomberg reported Tuesday.
• Altman, former president of startup accelerator Y Combinator, devised the concept in 2019 around experimentation on universal basic income and how money could be distributed to people in a way that circumvents the role of government.
• “I’ve been interested in things like universal basic income and what’s going to happen to global wealth distribution and how we can do that better, is there a way we can use technology to do that at a global scale,” Altman said to Bloomberg.
• Aspirations of financial inclusion are nothing new in crypto, though the concept of scanning eyeballs may be seen as a controversial way of achieving it.
• Worldcoin, whose backers include Andreessen Horowitz, Coinbase Ventures and LinkedIn founder Reid Hoffman, recently raised around $25 million from investors, Bloomberg said.

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Coinbase is rolling out a crypto savings account that lets you earn 4% annual percentage yield (APY) by lending out your USDC.

The account isn’t FDIC- or SIPC-insured and functions much like other products at crypto lenders and other exchanges that regularly offer yields around 8%. The reason why Coinbase is offering a comparatively lower yield is because it doesn’t lend to “unidentified third parties,” said Thorsten Jaeckel, senior product manager at Coinbase. 

Coinbase, which administers the USDC stablecoin in partnership with Circle through the CENTRE Consortium, appears to be aiming squarely for banks with its new product, touting rates “more than 50x the national average of a traditional savings account.”

Related: DeFi Meets AI: Fetch.ai Launches ‘Intelligent Automation’ for Uniswap V2 and PancakeSwap

The account is geared towards retail users and the yield is created by Coinbase lending out the USDC to “verified borrowers,” Jaeckel told CoinDesk via email.

It’s the second USDC savings product advertising 4% APY in as many days. On Monday, Compound Labs, the maker of the major Ethereum money market of the same name, announced the creation of Compound Treasury. That USDC-powered vehicle is aimed at fintechs and neobanks.

Pre-enrollment for the consumer-oriented Coinbase product is now open for eligible customers in the U.S.; users in Hawaii and New York are not eligible.

The USDC product arrives less than a year after Coinbase rolled out its bitcoin lending product, which has been equally conservative. Coinbase capped credit lines at $20,000 per customer and offered an interest rate of 8% for BTC-backed loans with terms that are of a year or shorter.

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Related: A16z Leads $12M Investment in DeFi-Native Crypto Tracing Firm Nansen

“Rather than constantly monitoring price action and having to manually withdraw liquidity, Fetch.ai DeFi Agents simplify and streamline that whole process for LPs.” 

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U.K. bank NatWest has put a temporary limit on the amount customers can send to cryptocurrency exchanges because of concerns over investment scams and fraud.

• The bank is also blocking transfers to several cryptocurrency asset firms where it has identified significant levels of fraud-related harm to its customers, NatWest spokesman Andrew Neilson told CoinDesk.
• “We have seen a high level of cryptocurrency investment scams targeting our customers across retail and business banking, particularly through social media sites,” Neilson said in an emailed statement.
• On Saturday, the U.K.’s Financial Conduct Authority said Binance shouldn’t be operating in the country and isn’t allowed to undertake any regulated activities without prior written approval.
• NatWest said it is keeping Binance’s place on the list of crypto companies affected under review, Reuters reported earlier.

Read more: UK Bank NatWest Denies Report it Will Totally Refuse Business Customers Who Deal in Crypto

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National Football League star quarterback Tom Brady and his wife, Gisele Bündchen, will each be taking an equity stake in FTX Trading Ltd., the company behind Sam Bankman-Fried’s FTX.COM and FTX.US.

The couple will receive crypto as part of a deal that makes Brady an exchange ambassador and Bündchen FTX’s environmental & social initiatives adviser, a press release Tuesday said. The specific financial terms of the long-term partnership with Bankman-Fried’s exchange company weren’t disclosed. FTX subsidiary Blockfolio is also involved in the package.

“They have already opened their Blockfolio accounts to invest and trade the cryptocurrencies of their choice,” FTX said in the statement.

Related: FTX Follows Binance’s Lead With Move Into Tokenized Stocks

The move is just the latest sports-related marketing tie-up for FTX. Last week, the company said it has entered a sponsorship deal with Major League Baseball that will put FTX advertising patches on all umpire uniforms starting next month. Blockfolio enlisted a far younger NFL quarterback, 2021 top draft pick Trevor Lawrence, in April in a deal that saw the former Clemson player take his pay in crypto.

Bankman-Fried and Brady spoke at length during CoinDesk’s Consensus 2021 last month.

The seven-time Super Bowl champion joked Monday that his “laser eyes didn’t work.” The bitcoin meme still adorns his Twitter avatar, however.

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While a key bitcoin indicator shows the currency is undervalued and ripe for a price bounce, the reading might be misleading, one observer says.

“The Puell Multiple is flashing a buy signal,” Ben Lilly, a crypto economist at Jarvis Labs, noted in a Substack post published on Monday. The metric, however, is tied to miners and may be distorted by China’s mining ban, he said.

The multiple, the ratio of the daily issuance of bitcoin in U.S. dollar terms and the 365-day moving average of the daily issuance value, has dropped below 0.5. That indicates the value of the newly issued bitcoin daily is relatively low compared with historical standards.

Related: Bitcoin Gathers Upside Momentum, Faces Resistance Near $40K

A sub-0.5 reading on the indicator created by analyst David Puell has marked miner capitulation and bear market bottoms in the past, according to data provided by lookintobitcoin.com.

Daily issuance refers to the number of new coins supplied to the ecosystem by miners, who receive them as rewards for mining blocks and approving transactions. Miners mainly operate on cash and sell coins almost daily.

The latest reading may raise hopes for a bull market resumption. Lilly says it should be taken “with a grain of salt.”

That’s because the ratio’s drop into the green zone follows a slide in the hash rate and the daily issuance caused by China’s mining ban. It doesn’t necessarily imply miner capitulation.

Related: UK Court Orders Bitcoin.org to Remove White Paper Following Craig Wright Lawsuit

China reiterated its long-held crypto mining ban in mid-May and stepped up its efforts this month, ordering miners based in Sichuan and other mining hubs to shut down their operations.

As a result, the hash rate, a measure of the computational power working to secure the bitcoin blockchain network, declined from 140 exahashes per second (EH/s) to a 14-month low of 94 EH/s.

With miners going offline, the 30-day average of the daily issuance – coins mined and supplied – has declined from more than 900 BTC to 760 BTC, according to Glassnode data. According to Lilly, the average daily issuance has nearly halved from 900 BTC. Meanwhile, the cryptocurrency has traded mainly in the range of $30,000 to $40,000 this month.

The data confirm the Puell Multiple has entered the buy zone mainly because of China-based miners going offline – a move that’s like to be temporary as there is evidence of miners shifting bases to other countries like the U.S. and Kazakhstan.

“This is a one-off event, meaning most of this mining power will return, and before you know it, MORE than 900 coins per day will be mined since the hash rate will hit the network after the difficulty of each block decreases,” Lilly noted.

Bitcoin is currently trading near $35,600, a 3% gain on the day, according to CoinDesk 20 data. While there is evidence of dip-demand for the cryptocurrency, a sustained accumulation by large investors might be needed to restore the battered market confidence and revive the bull run.

Also read: Cathie Wood’s ARK Invest, 21Shares Team Up to Enter Bitcoin ETF Race 

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Bitcoin (BTC) buyers remained active during Asian trading hours as they defended initial support of about $33,800. The next level of resistance is seen between $38,000 and $40,000, which is near the top of a monthlong range.

The $30,000 support level was retested over the weekend, marking a higher low from the June 22 shakeout of around $29,000. Price remains elevated and could break above the 100-period moving average on the four-hour chart.

Bitcoin was trading at about $35,000 at press time and is up 4% over the past 24 hours.

• Bitcoin is attempting to reverse a short-term downtrend, which could yield further upside, especially since the relative strength index (RSI) on the daily chart is not yet overbought.
• The corrective phase since May appears to be slowing as buyers return at support levels. A temporary relief rally could stabilize selling pressure until overbought signals appear on the charts.
• For now, bitcoin is stuck in a range as sellers have maintained a series of lower price highs since April.

Related Stories

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• UK Court Orders Bitcoin.org to Remove White Paper Following Craig Wright Lawsuit
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• Market Wrap: Cryptocurrencies Rise Despite Binance UK Warning

Crypto firms are dropping their bids to register with the U.K.’s Financial Conduct Authority (FCA) amid mounting regulatory scrutiny of the industry.

• The number of companies abandoning their efforts to register with the financial watchdog has increased by a quarter in less than a month, Reuters reported Monday.
• Fifty-one had dropped their bids in early June, a number that has now increased to 64.
• The news follows a development over the weekened that the FCA banned crypto exchange Binance from undertaking any regulated activities in the U.K.
• Binance withdrew its application in mid-May, an FCA spokesperson said.
• Crypto firms have until March 31 to register with the FCA for the regulator to determine whether they are meeting anti-money laundering and counter-terrorist financing standards.
• Just six companies have successfully completed registration, the most recent of which was Mode Global. That was announced last week.

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Venture capital’s excitement over blockchain analytics has spilled over into decentralized finance (DeFi).

Nansen, a DeFi-native crypto tracer, has raised $12 million in a Series A funding round led by Andreessen Horowitz (a16z). Also participating in the round was Skyfall Ventures, Coinbase Ventures, imToken Ventures, Mechanism Capital and QCP Capital.

Tracking crypto as it flows from wallets to exchanges and other platforms has become a whole sub-industry within the digital-asset space, with major funding rounds for Chainalysis, CipherTrace and TRM Labs in recent weeks.

Related: DeFi Meets AI: Fetch.ai Launches ‘Intelligent Automation’ for Uniswap V2 and PancakeSwap

But blockchain analytics is often associated with regulators and law enforcement, meaning that, perhaps unfairly, it has a boomer feel about it. Not so for Singapore-based Nansen.

“Blockchain analytics has been focused on law enforcement, government agencies, tax authorities and so forth,” said Nansen CEO Alex Svanevik. “But our philosophy has always been that people on the ground floor of crypto, the actual market participants, should have access to the best on-chain analytics as well.”

Crypto-tracking boom

Since the explosion of interest in DeFi, Nansen’s take has been to track flows of money between different smart contracts, identifying the hottest yield farming platform, for example. Currently, the platform has labeled some 90 million addresses, equating to about 70% of all on-chain DeFi volume, according to Svanevik.

“As participation in the first truly open global financial markets grows, traders and collectors of all kinds – retail novices, institutional professionals, independent experts and more – will want to understand what the smart money is doing across all blockchains,” a16z General Partner Chris Dixon said in a statement.

Related: Ethereum Gas Fees at 6-Month Low as Market Cools, Layer 2 Solutions Ease Congestion

It’s worth noting that major blockchain analytics platforms like Elliptic and CipherTrace are highly adept at following fund flows through decentralized exchanges and DeFi pools. Unlike those firms, Nansen isn’t focused on risk scoring per se, but the service provides the data to allow users to make up their own minds, said Svanevik. 

“We don’t have any specific position with regards to regulations on how we think things should develop. We’re not basing our company on some KYC’d version of DeFi coming out in the future,” he said, referring to know your customer rules.

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Cryptocurrency exchange Crypto.com has extended its sports sponsorships through a partnership with Formula 1.

• The Hong Kong-based exchange has become an inaugural partner of F1’s new “Sprint” format, an announcement Tuesday said.
• Crypto.com’s branding will be present trackside at all F1 races for the remainder of the 2021 season starting with British Grand Prix at Silverstone on July 17.
• The partnership furthers Crypto.com’s presence at major sporting events; the exchange sponsored Italian soccer’s Coppa Italia final in May.
• It also signed a deal with National Hockey League team the Montreal Canadiens in March.

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