With the 2022 Formula One (F1) season set to see the introduction of the new US Grand Prix in Miami, Crypto.com has secured a nine-year partnership for the naming rights to the event, while Oracle has become the new title sponsor of Red Bull Racing for the next five years.

The Crypto.com deal will see the event become the Formula One Crypto.com Miami Grand Prix, with Crypto.com to receive branding across the event, particularly with the event sites, the Crypto.com Terrace hospitality area, and the Crypto.com Fan Zone.

The event, which is set to take place at the Hard Rock Stadium between 6-8 May, sees Crypto.com extend their commitment to F1 following a five-year, US$100 million partnership which saw the cryptocurrency platform become the official sprint race partner of the competition.

Hard Rock Stadium and Miami Grand Prix senior vice president and chief revenue officer, Jeremy Walls, said: “We are excited for our long-term title partnership with Crypto.com.”

“We share their commitment to innovation and will apply those high standards to the fan experience at the Formula One Crypto.com Miami Grand Prix.

“This will be an international event and we look forward to growing together on a worldwide scale,” Walls said.

Meanwhile, the Red Bull Racing title sponsorship with Oracle has been reported as a five-year, US$300 million deal seeing the team become Oracle Red Bull Racing.

The pair originally partnered at the start of 2021 and have worked together to utilise Oracle’s technology, and specifically their cloud infrastructure, to reduce Red Bull’s simulations costs at a critical level.

In addition to the F1-level of the partnership, Oracle and Red Bull Racing are also launching Oracle Red Bull Racing Esports, a new esports team which will use Oracle cloud infrastructure analytics to optimise virtual car set ups, improve strategy, and train drivers.

Red Bull Racing team principal and CEO, Christian Horner, said Oracle branding will feature heavily across the team’s new car.

“Oracle Cloud enabled us to make raceday decisions that helped Max Verstappen win the 2021 drivers’ championship,” Horner said.

“Discovering and reacting to opportunities quickly is crucial to our success on and off the track, and Oracle is integral in that effort,” he said.