• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Thursday, May 22, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Mercedes terminated partnership with bankrupt crypto FTX 

by Indrajeet Giram
November 14, 2022 - Updated On November 16, 2022
in Business, Crypto, Future Tech, Markets, Price Analysis, Stories
Reading Time: 2 mins read
0
Mercedes terminated its partnership with crypto bankruptcy FTX 

Mercedes terminated its partnership with crypto bankruptcy FTX 

TwitterWhatsappLinkedin

 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.

You might also like

FBI Shuts Down Key Internal Watchdog Monitoring Surveillance Practices

Microsoft Faces Backlash Over Reported Email Censorship Involving ‘Palestine’ and ‘Gaza’

Epic Games’ Fortnite Makes Triumphant Return to Apple’s App Store After Nearly Five-Year Ban

Mercedes terminated its partnership with crypto bankruptcy FTX 
source: motorsport.com

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.

 

Tags: #CryptoacquisitionbitcoincryptocurrencyEthereumFTXInvestmentMarketsMercedesMiami Heat
Tweet54SendShare15
Previous Post

CAIT’s e-commerce portal Bharat eMart to launch soon

Next Post

Why Choose Bitcoin? – Top 5 Reasons Discussed!

Indrajeet Giram

📚 Avid reader 🔋constant learner curious analyzer @ everything 📝Business & Economic Journalist ✍️

Recommended For You

FBI Shuts Down Key Internal Watchdog Monitoring Surveillance Practices

by Harikrishnan A
May 22, 2025
0
FBI Shuts Down Key Internal Watchdog Monitoring Surveillance Practices

The FBI has come under fire after quietly shutting down a key internal watchdog office tasked with monitoring the agency’s use of one of its most controversial surveillance...

Read more

Microsoft Faces Backlash Over Reported Email Censorship Involving ‘Palestine’ and ‘Gaza’

by Harikrishnan A
May 22, 2025
0
Microsoft’s Copilot+ Faces Scrutiny Over New Recall Feature

Microsoft is facing mounting criticism from employees and activists after multiple reports revealed that emails referencing “Palestine,” “Gaza,” or “Genocide” are being blocked or delayed within the company’s...

Read more

Epic Games’ Fortnite Makes Triumphant Return to Apple’s App Store After Nearly Five-Year Ban

by Anochie Esther
May 22, 2025
0
Fortnite

In a twist that has been long awaited by millions of fans and closely monitored by the tech and gaming industries alike, Fortnite is finally making its comeback...

Read more
Next Post
Photo by Tima Miroshnichenko

Why Choose Bitcoin? - Top 5 Reasons Discussed!

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?