In an announcement today, Formula 1 said Crypto.com would be the new global and inaugural partner for its 2021 Sprint series, scheduled to begin on July 17. As part of the agreement — which CNBC reported to be $100 million — the exchange will become the racing series’ official cryptocurrency sponsor and nonfungible token, or NFT, partner.
“We will rely heavily on [Crypto.com’s] expertise as we explore the world of cryptocurrency, an area we are very interested in, and this will be the first time as a sport we are able to offer fans the opportunity to explore this exciting world as we further increase our digital presence,” said Formula 1’s director of commercial partnerships Ben Pincus.
Formula 1 hinted that race car drivers would have the opportunity to win a new potentially crypto-themed award, which will be announced prior to the Belgian Grand Prix event on Aug. 29. The racing series has also announced its intention to follow Crypto.com’s May commitment to become carbon negative within 18 months, saying it plans to be ”net zero carbon” as a sport by 2030.
New York Digital Investment Group (NYDIG) has partnered with the Atlanta-based enterprise payment behemoth NCR to enable Bitcoin (BTC) services for banks and credit unions in the United States.
According to Forbes on Wednesday the deal will see 650 banks and credit unions in the U.S. able to provide Bitcoin trading services to their over 24 million customers. Apart from Bitcoin trading for its banking and credit union clients, the NCR is also reportedly eyeing BTC payment services for its almost 200,000 retail clients.
NYDIG will reportedly offer its in-house Bitcoin custody solution, removing a major regulatory impediment for community banks and other financial institutions looking to deal in cryptocurrencies. The news follows swiftly on the heels of NYDIG’s partnership with digital banking services provider Q2 as well as global payment channel Fiserv and cloud-based electronic banking outfit Alkami to enable banks to offer Bitcoin trading to an estimated 18 million customers.
The Monetary Authority of Singapore, the country’s central bank and a major financial regulator, is challenging fintech companies to pitch solutions for a central bank digital currency, or CBDC.
On Monday, the central bank officially announced a global challenge that seeks new retail CBDC solutions which enhance payment efficiencies and promote financial inclusion. As part of the initiative, the MAS is planning to distribute 50,000 Singapore dollars, or $37,000 USD at time of publication, to each of three challenge winners. They will also provide expert mentorship to 15 finalists in an effort t encourage rapid development of digital currency solutions.
Singapore’s CBDC challenge is launched in partnership with major global financial institutions including the International Monetary Fund, the World Bank, the Asian Development Bank, the United Nations Capital Development Fund, the United Nations Development Programme, and others. The initiative is also supported by industry players including payment giant MasterCard, Amazon Web Services, R3, Hyperledger, and the Mojaloop Foundation, and managed by the API Exchange and Singapore-based blockchain accelerator Tribe Accelerator.
This Daily Dose was brought to you by Cointelegraph.