Formula One (Ferari) Sponsorship Shows the Fallout From Crypto Winter

In this edition of the Bloomberg Crypto newsletter, Emily Nicolle takes a closer look at the declining prominence of crypto in the highest echelon of auto racing :

If you tuned into a Formula One race last year, you’d have been forgiven for thinking that crypto was still enjoying boom times. Sponsorship deals with blockchain companies, token issuers and digital-asset exchanges were abundant, even as the crypto winter grew colder. Cars and racetracks alike were splashed with some of the industry’s biggest names, who had spent hundreds of millions of dollars collectively on one of the world’s most popular (and expensive) sports.