Red Bull announces world’s first Formula 1 crypto sponsorship deal
While cryptocurrencies are hurtling towards mainstream adoption through new regulations and laws introduced at government offices, sports play their own part in the deal. And, while cryptocurrencies have been relatively well-developed in the soccer industry, the area of auto racing has remained untouched for quite some time, until today.
One of the most acclaimed teams on Formula 1, Aston Martin Red Bull Racing, has officially teamed up with the cryptocurrency company FuturoCoin for a sponsorship of the 2019 Formula 1 season. FuturoCoin uses the same technology that’s used by DASH, providing users with fast transaction times and low fixed fees.
According to the Red Bull racing team principal, Christian Horner, they’re very proud to become the first in Formula 1 to sign up a sponsorship deal with a cryptocurrency company, calling the rise and development of blockchain technology and crypto “truly remarkable.”
“Secure digital currencies are on the leading edge of technological development and we are very excited to be part of this revolution,”
Cryptocurrencies and Formula One actually have a lot in common – both possess speed, technology, and are leading the progress. Additionally, sport industry is also one of the areas where cryptocurrency mainstream adoption becomes so noticeable and unique. Let’s take a look at least in the past year. In June 2018, the NBA team Sacramento Kings became the first professional basketball club to dedicate a part of their venue to a crypto mining center, with proceeds donated to local and global charities. Shortly afterwards, in August 2018, Italian soccer club Rimini FC 1912 became the first club to be purchased with cryptocurrency. In October 2018, French soccer club Paris Saint-Germain has announced their plans to launch their own crypto token.
After the announcement of the partnership between FuturoCoin and such a prestigious sports venture as Formula 1, more cryptocurrency sponsorships will be announced in the nearest future, experts say.