Mercedes Formula One team officials on Friday, announced that they will be terminating the sports franchising agreements with the FTX platform under which Mercedes was depicting the logo of the FTX platform on its sports cars and into the F1 races in all the global sports events.
Following the termination, the Mercedes Formula One team will no longer showcase the logo of the FTX platform in its next season’s penultimate race in Brazil. Mercedes Formula One team signed the agreement with the FTX platform in September 2021 when Mercedes was the reigning champion in the sports event.
Which companies have terminated the contract with FTX?
The Miami Heat arena, which is the home of one of the US National Basketball Association has also canceled its contract with the FTX platform after the news of bankruptcy proceedings of FTX came out. The Miami Heat authorities will be removing the branding and the logo of the FTX platform from its arena.
Along with this, FTX has also witnessed a huge amount of losses in the genuineness parameters as the company is going through a liquidity crunch of approximately $9 billion from its platform.
What’s the future of the FTX company?
The cryptocurrency exchange FTX has been undergoing tough times on multiple fronts, the former executives of the FTX are facing investigation, and the company is undergoing bankruptcy proceedings along with the need of approximately $9 billion-plus dollars to satisfy the withdrawal requests of its users.
These grappling situations suggest that FTX, which was one of the biggest cryptocurrency exchange platforms will not be able to regain its fortune back in the cryptocurrency market.
FTX was once considered the largest cryptocurrency exchange platform in the world with a $20 billion-plus valuation. The FTX has appointed the new CEO as a part of legal proceedings against the company.
With the termination of the deal between Mercedes and the FTX, all the interim contracts of Mercedes with the FTX platform, regarding the branding and promotions of the FTX platform on Mercedes racing cars will be stopped by the weekend.
Mercedes company authorities will closely monitor all the legal proceedings against the FTX platform. In this manner, Mercedes will try to maintain a clean image from a doomed crypto platform on the market. In this manner, Mercedes will be able to maintain the business ethics and trust factors of the market and amongst all of the Mercedes brand’s followers.