Formula 1 has inked a five-year deal worth $100 million with cryptocurrency site, a platform where customers can buy and sell cryptocurrencies.

Full terms of the deal have not been announced.

Crypto will get brand presence at Formula 1 events. This includes the Sprint Qualifying format which will be used in some races for the starting position of cars. Crypto will also receive trackside slots for the remainder of the season. The company will also be able to introduce a new award at the Belgian Grand Prix.

The agreement goes into effect on July 17, one day before the British Grand Prix at the Silverstone Circuit in England. has more than 10 million users on its platform which is available to Apple and Android users. The company also has partnerships with the NHL's Montreal Canadiens and F1 team Aston Martin.

“We look forward to many years of developing together. We are excited to partner with F1 in the development of exclusive NFT’s, connecting fans to the sport in new and innovative ways,” said Crypto co-founder and CEO Kris Marszalek.

“We are thrilled to announce as a global partner," said Ben Pincus, Director of Communication Partnerships. "We rely heavily on their expertise as we explore the world of cryptocurrency, an area we are very interested in.”