FORMULA 1 MOTORSPORT NEWS

Cryptocurrency enters F1 with Red Bull; new sponsors for McLaren

Red Bull Racing have announced a sponsorship deal with a cryptocurrency company; the first deal of its kind as the burgeoning industry becomes mainstream. Red Bull Racing have announced cryptocurrency company ‘FuturoCoin’ as a partner for 2019; the first crypto asset to enter Formula 1.

Blockchain technology and cryptocurrencies have been contentious areas in recent years, with Bitcoin & Ethereum becoming household names as the technologies improved and the prices made millionaires of early investors. A market-wide price correction over the course of 2018 has meant that the technology’s naysayers have questioned the legitimacy of the industry.

“In recent years, the rise of blockchain technology and cryptocurrencies has been truly remarkable, and we’re delighted to be the first Formula One team to embrace this, through our partnership with FuturoCoin,” said Red Bull Racing Team Principal, Christian Horner. “Secure digital currencies are on the leading edge of technological development and we are very excited to be part of this revolution.”

According to CoinMarketCap.com, FuturoCoin is ranked at #1797 in terms of market cap, trading at 4.91 at the time of writing.

The multi-year agreement will see FuturoCoin branding feature on the Aston Martin Red Bull Racing RB15, team transporters and drivers’ overalls.

Roman Ziemian, co-founder of FuturoCoin added, “Cryptocurrencies and Formula One are very similar and their values are much alike; speed, technology and being ahead of their time. I’m a huge fan of motorsport and F1 has always intrigued me. The sponsorship is an exciting new chapter for our company and will be a global platform for us to drive awareness of FuturoCoin.”

Elsewhere on the grid, McLaren have announced a multi-year deal with Spanish drinks company Estrella Galicia 0,0. They have been sponsors of Carlos Sainz for over five years and have switched over to McLaren from Renault with the Spanish racer. Their logos will appear on the race cars and on the driver’s overalls.

McLaren have also signed a deal with Huski Chocolate, whose logos will appear on the MCL34’s rear wing as well on the driver’s overalls. The Swedish company’s products will also be available at McLaren’s headquarters at home and at Grands Prix.

 

Source: Formulaspy.com   Image  Getty