Mercedes set to lose major sponsor
Mercedes seems to lose one of its major sponsors - FTX - as the Crypto Exchange company faces financial bankruptcy.
Investors withdrew over $6 billion in the last three days, with the company now facing bankruptcy.
The situation is still developing, all indications suggest that FTX could go bust quite soon - with the CEO admitting on social media that the situation is bleak.
Their rival Binance had signed a non-binding agreement to acquire FTX’s operations but backed out from the deal. This put FTX more exposed in danger of collapse.
This news affects Mercedes in two ways. The first is Mercedes have launched official non-fungible token (NFT) collections, such as digital trading cards, video moments, or limited-edition artworks.
The 2nd reason is obviously funding of the team. FTX is one of the top tier sponsors of Mercedes. If the team does not secure sponsor, it will affect current and future fundings.
There is no doubt that losing a sponsor is inconvenient, but a team with the magnitude of Mercedes is almost certain to have ensured that it has already received its sponsorship payment.