Crypto lender Nexo inks inaugural sponsorship deal for Audi's new F1 team

Less than a year after re-entering the U.S. market, Nexo has added an F1 deal to its sponsorship pipeline.

The Audi Revolut F1 Team announced Friday a multi-year partnership with the crypto lender, marking the auto company's inaugural official digital asset partner as it enters Formula 1 racing this year.

"Nexo was built for a demanding reality: instant, self-directed, and always on. Partnering with Audi Revolut F1 Team at the start of their new era is a statement about how we see the future," Nexo co-founder Antoni Trenchev said in a release. "As the team’s official digital asset partner, we will bring meaningful utility and premium experiences to a global audience, grounded in the same discipline and precision that defines success in motor sports."

Throughout the four-year partnership, Nexo will "activate globally through premium experiences and digital-first engagement," the release said. These opportunities include exclusive access, co-created content and education, and next-generation immersive brand experiences.

"The partnership reflects a shared ambition to scale with discipline and innovation, and to create tangible value — from exclusive experiences to new ways of engaging our global fanbase and Nexo's clients," said Stefano Battiston, chief commercial officer of Audi Revolut F1 Team.

Nexo currently has sponsorship deals with professional tennis tournaments, the Australian Open, and the Dallas Open.

Nexo exited the U.S. in 2022 as the Consumer Financial Protection Bureau and the Securities and Exchange Commission accused Nexo of failing to register the offer and sale of its Earn product to retail clients. The company was welcomed back to the U.S. last April at a private event that included comments from Donald Trump Jr., the president's eldest son.

"I think crypto is the future of finance," Trump Jr said at the time. "We see the opportunity for the financial sector and want to ensure we bring that back to the U.S."

Crypto.com has been a longtime partner with Formula One racing, and last year, Coinbase became the official sponsor of Aston Martin's F1 racing team. The F1 team Sauber inked a two-year deal with crypto casino Stake in 2024.

NEXO, the native token of the Nexo platform, traded up 2.7% over the past 24 hours according to The Block's price data. The token has a market cap just shy of $1 billion.