Mercedes-AMG Petronas F1 Team has announced the suspension of their partnership with cryptocurrency exchange FTX. The decision comes amidst growing concerns over the environmental impact of cryptocurrencies, particularly Bitcoin, which is the primary asset traded on the FTX platform.

In a statement released by the team, Mercedes-AMG Petronas F1 Team expressed their commitment to sustainability and responsible business practices. They acknowledged that the energy consumption and carbon footprint of cryptocurrencies like Bitcoin are significant, and as a leading global organization, they felt it was important to take a stand.

The partnership between Mercedes-AMG Petronas F1 Team and FTX was announced in June 2021, with the cryptocurrency exchange becoming the team’s official cryptocurrency partner. The deal was seen as a landmark moment in the world of Formula 1, as it marked the first major sponsorship agreement between a top team and a cryptocurrency platform.

However, the backlash against cryptocurrencies and their environmental impact has been growing in recent months. Tesla CEO Elon Musk, once a proponent of Bitcoin, announced in May that his company would no longer accept the cryptocurrency as payment for their electric vehicles due to concerns about its energy consumption.

Many other companies and organizations have followed suit, distancing themselves from cryptocurrencies and calling for greater regulation and transparency in the industry. The decision by Mercedes-AMG Petronas F1 Team to suspend their partnership with FTX is a clear signal that they take these concerns seriously and are committed to upholding their sustainability values.

It remains to be seen what the future holds for the partnership between Mercedes-AMG Petronas F1 Team and FTX. The team has stated that they will be reviewing their partnership agreements and evaluating whether they align with their environmental and ethical standards. In the meantime, fans and stakeholders will be watching closely to see how this decision impacts both the team and the wider cryptocurrency industry.