Developments

First crypto sponsorship arrives on Formula 1

A participating team during Formula 1’s upcoming new season has announced a crypto sponsorship deal which makes it the first in the history of F1 racing.

The crypto sponsorship has been inked between FuturoCoin, a cryptocurrency firm, and the Red Bull team which is one of the participating teams in Formula 1’s new season. The cryptocurrency firm was born in 2017 and its founders are positive that their coin will gain traction even when other cryptos are recording drops in prices.

One of its founders, Roman Ziemian, noted that the crypto sponsorship deal with an F1 team was because:

Cryptocurrencies and Formula One are very similar and their values are much alike; speed, technology and being ahead of time.

Apart from just a crypto sponsorship, Ziemien said that he has always been a huge fan of “motorsport and F1 has always intrigued me.”

Through the crypto sponsorship, the cryptocurrency company is cleverly endearing its token to investors. The company is using Formula one to depict the speed at which their token can be transferred whether when paying for goods or just transferring it to a friend. Notably, the transfer fees will be fixed.

The crypto sponsorship deal will see two drivers from Aston Martin Red Bull team drive cars branded with the crypto while their overalls will have the cryptocurrency company’s logo. The team transporters will also have the logo.

Christian Horner, principal, Red Bull F1 team, noted:

In recent years, the rise of blockchain technology and cryptocurrencies has been truly remarkable, and we’re delighted to be the first Formula 1 team to embrace this…Secure digital currencies are on the leading edge of technological development and we are very excited to be part of this revolution.

Do you think crypto sponsorship is a growing trend in the sports industry and will it help increase the adoption of virtual currencies?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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