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Brown convinced major crypto players will stay afloat despite turmoil

Brown convinced major crypto players will stay afloat despite turmoil

27-11-2022 09:38 Last update: 10:52
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GPblog.com

There is currently turmoil in the world of crypto. According to Zak Brown, the CEO of McLaren, this will not have a major impact on Formula 1 teams. Crypto platform FTX, for example, has filed for bankruptcy and had a partnership with Mercedes. In addition, crypto company OKX is McLaren's partner, and to generate more attention for the company, McLaren drove a special livery in Singapore and Japan. Brown is optimistic about the future of crypto companies in F1.

Despite FTX's bankruptcy, Brown does not expect OKX to face the same. Speaking to Motorsport.com the American says that, as a team, they are comfortable with OKX as a partner and did good research before the deal was done so as not to risk a big loss. Brown, therefore does not think that the situation surrounding FTX will have a major impact on Formula 1. He mentions that FTX did not end well. Brown compares this situation to the beginning of the internet era when many companies also went down, but a company like Amazon actually became one of the largest in the world. Brown thinks the same is happening now for crypto.

Optimistic

According to the CEO, the big players within crypto will survive this crisis and he is convinced OKX is among them. In addition, he remains optimistic about how crypto will become an important financial tool in the future. Crypto companies are increasingly getting involved in Formula 1, something Brown says is not necessarily a bad development. He compares the situation to when tobacco sponsorship was banned, and so there are regular shifts in sponsorship that then raise questions.