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Last year Mercedes signed a long-term sponsorship deal with global cryptocurrency company FTX, however these deals are starting to attract some criticism.
Cryptocurrency companies are increasingly interested in sponsoring Formula 1 teams, but some observers are criticising the industry for its impact on the environment.
More specifically, people are worried about the energy consumptions needed to mine various cryptocurrencies.
Mercedes team boss Toto Wolff reveals he is aware of these issues.
“The sustainability argument is extremely important but it is not only about mining and the energy it consumes but also where the energy comes from,” the Austrian said.
“But you can’t shut yourself down to modern technology. It is definitely an area that will grow.
“I think when we are looking back in 10 years time having made payments that take two days and can’t be done outside of week hours, it is something that is going to be a relic of the past and this is where cryptocurrency has come in.”
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Wolff also believes Mercedes can help FTX achieve certain sustainability targets.
“They are their own industry. This is why they have become a major player in the financial world and obviously seek exposure through Formula 1.
“We all benefit from it but also learn from it. For me, it was fascinating to understand crypto exchanges.
“FDX is a crypto exchange handling billions of transactions every day so that is something that you can’t stop and you have to do it right.
“We are certainly a good sparring partner for them in terms of sustainability targets,” concluded Mercedes’ team boss.
