Quote:
Originally Posted by Steeler
Crypto.Com have no shortage of dosh.
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Partially agree. BUT they must have a heckuva lot of dosh
to spare too because it's a nine year deal with F1. The combined market caps of ALL cryptos is roughly equal to the market cap of Microsoft. And yet Crypto.com only have a small slice of the crypto market place pie. As of April 2022 Microsoft has a market cap of $2.025 Trillion. Crypto.com is an exchange and not traded publicly as far as I know. So a nine year sponsorship deal with F1 must be a major (huge) chunk of capital for them IMO.
https://crypto.com/company-news/cryp...ami-grand-prix
As a data point, consider the market cap of another exchange = Coinbase.com (ETF ticker = COIN) is 'only' $24B
vs. the estimated cost to host an F1 race of $1B. Based on the virtual tour video, this has to be the most opulent 'temporary' circuit ever built.
PS:
If you own crypto never keep it on the exchange. Send it off the exchange into a hot wallet or cold wallet storage such as paper wallet.
Here's a a google maps image of what the stadium parking lot was like before its F1 GP transformation.
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