Red Bull Aston Martin has partnered with FuturoCoin, making it the first partnership between a Formula 1 company and a cryptocurrency company.
Sporting teams embrace blockchain and crypto
Sporting teams have begun to embrace blockchain technology and cryptocurrencies to a certain extent. The news that Red Bull Aston Martin is partnering with a cryptocurrency company could spur other teams to seek similar opportunities in the emerging market.
FuturoCoin has now become the first cryptocurrency firm to sponsor a Formula 1 team. Red Bull announced the partnership in a tweet yesterday, February 5.
— Red Bull Racing (@redbullracing) February 5, 2019
In its report, The Checkered Flag mentioned that Red Bull Aston Martin had become the first Formula 1 team to partner with a digital asset firm. FuturoCoin is still unpopular in the cryptocurrency space – but the company is expected to work with Red Bull going forward.
FuturoCoin is designed with similar code to Dash. The cryptocurrency claims to provide users with fast transaction speed and low fixed fees – And Red Bull is excited to partner with them.
Team Principal of Red Bull Racing, Christian Horner. stated: “In recent years, the rise of blockchain technology and cryptocurrencies has been truly remarkable, and we are delighted to be the first Formula One team to embrace this, through our partnership with FuturoCoin.”
Paulina Woźniak, CEO of FuturoCoin’s management company, is optimistic that the partnership will breed positive results. She stated that FuturoCoin is proud to be the first cryptocurrency in the world to appear in a connection with a Formula One car. “We are looking forward to working alongside Aston Martin Red Bull Racing, a prestigious brand that is recognized across the world,” she added.
Red Bull and FuturoCoin’s partnership is the first of its kind in Formula 1, but there have been previous relationships between crypto companies and professional sports teams. Last year, Italian football club Rimini FC became the first sports team to be purchased using cryptocurrency. In October, French football giant Paris Saint-Germain announced plans to launch its digital currency.
In June 2018, NBA team the Sacramento Kings was the first professional sports club to mine cryptocurrency from its stadium. The NBA club used converted part of its sporting venue to a data center, with profits generated from mining cryptocurrencies going to local charitable causes.