Red Bull announced that the sponsorship deal would be in the form of Formula 1 digital currency. It was reported that the Red Bull Racing Team of Aston Martin has partnered with a cryptocurrency firm. In Formula 1 racing this is the first time that there will be a deal that will happen in the racing championship between the car constructors that will be the sixth-most-winning and FuturoCoin.
On the other hand, however, many other forms of sports teams have begun to adopt the technology of blockchain and are making use of digital assets in some of the other way. However, interference of cryptocurrency in sports that are of professional level still stays in an ideal position. Maybe with a big announcement from a big name such as Red Bull Aston Martin about the adopting of cryptocurrency as a sponsorship deal might encourage other teams of different sports to look into this type of opportunities so that they can take a look at emerging technology in the future.
It is first time in the history that a Formula 1 team is entering into a partnership with a digital currency firm. Initially which started as an energy drink company became sponsors for many sports and they will be working with Futurocoin henceforth which is not very widely known digital asset.
For people who are unaware of Futurocoin, it is similar to a well-established cryptocurrency known as DASH, and both make use of the same set of code. Futurocoin is said to offer the user with a transaction time of four seconds and fees that are low and fixed.
“In recent years, the rise of blockchain technology and cryptocurrencies has been remarkable, and we’re delighted to be the first Formula One team to embrace this, through our partnership with FuturoCoin,” said Christian Horner, the Team Principal of Red Bull Racing regarding the partnership.
In the same way, CEO of FuturoCoin’s management firm, Paulina Woźniak, is hopeful about the partnership. Concerning this, she said that they are feeling very proud as their company will be the first digital currency in the world to be appearing on the Formula One car. She also said that they are looking forward to work along with Aston Martin Red Bull Racing which she claims is a very reputed brand and it is known to everyone throughout the world.