Pancake Swap, one of the largest decentralised crypto exchanges in the world, is looking to sign a sponsorship deal with the McLaren Formula 1 Team, according to a report by Crypto Intelligence.
The decentralised exchange is at the forefront of decentralised finance (DeFi), and this development comes amid crypto projects collectively spending hundreds of millions of dollars per year on sports sponsorship deal.
It is currently unclear how close Pancake Swap are to inking a sponsorship agreement with McLaren, and an estimate of the value of the deal is yet to be provided.
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McLaren has had a number of sponsors from the crypto and blockchain space, including the likes of Tezos and Bitci.
The Woking-based team ended their partnership with Bitci, a Turkey-based crypto exchange, ahead of the 2022 season getting underway, while Tezos has stayed on as a sponsor.
Several other Formula 1 teams have inked lucrative sponsorship deals with cryptocurrency companies.
For example, earlier this year, Red Bull announced a $500 million sponsorship deal with Oracle, and a $150 million partnership with Bybit.
Red Bull team principal Christian Horner hailed the partnership with Bybit, saying they share the team’s “passion to exist at the forefront of technological innovation.”
“I’m delighted to welcome Bybit to the team,” he said.
“It’s fitting too that, as we enter a new generation of competition of F1 in 2022, with an advanced and potentially game-changing new philosophy of cars taking to the track, that Bybit also exist at the cutting edge of technology.
“They share the team’s passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo.
“Allied to that is Bybit’s commitment to enlivening the fan experience in F1 through digital innovation.
“This is also a key mission for the team and Bybit’s assistance will help us build a deeper more immersive and unique connection with the team for fans around the world,” Horner added.