Redbull has struct a partnership with a new cryptocoin called futurocoin

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A union between Red Bull Aston Martin, a Formula 1 racing team, and FuturoCoin, a crypto company, has been revealed. Furthermore, the sponsorship deal among the two is the first ever union of its kind for Formula 1.

Business Wire added that the new cryptocurrency has signed a two-year deal to partner the Formula One team.

FuturoCoin is the First Crypto Company to Sponsor F1

According to an article on Crash, an online motorsport news platform, out of all the other teams in Formula 1, Red Bull is actually the first ever team to secure a sponsorship from the crypto world, announcing a deal with FuturoCoin ahead of this year’s season.

Christian Horner, Crimson Bull Racing’s Staff Major, said regards to the new partnership:

“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.” (Christian Horner)

Based on a story by The Checkered Flag, a racing news publication, Red Bull Aston Martin has become the first Formula 1 team to partner with a cryptocurrency company. The company, well-known for its Red Bull energy drink and eventually became a sponsor to multiple sporting events and teams, will be working with the FuturoCoin moving on.

Boom of Cryptocurrency

The year 2018 is dubbed on an article by Wired, the American magazine that publishes in print and online, as “The Year of the Cryptocurrency Craze” and this recent cryptocurrency craze saw a number of teams and drivers from Formula E to link up with companies, but the announcement made by Red Bull tags the first foray of an F1 team to be a part of the industry.

A report from NewsBTC mentioned that despite the fact that other teams in sports have also begun to welcome blockchain technology and digital assets at some point, crypto’s connection in professional sports continues to be a niche. Maybe with a known name such as Red Bull Aston Martin declaring their recent crypto sponsor, more teams from other sports will hopefully do the same and pursue opportunities, in the same way, to look into the nascent and innovative technology.

FuturoCoin?

Founded in 2017 by Roman Ziemian and Stephan Morgenstern. FuturoCoin (FTC)  is a new digital cryptocurrency that shares the same underpinnings with more well-known cryptocurrencies like DASH, but it claims to provide users with benefits that include industry-leading four second transaction times and low fixed fees.

FuturoCoin’s website prominently claims that its developers have managed to improve on tried and tested methods with their proprietary DASH technology that guarantees instant payments to anyone and everywhere coupled with the lowest possible transaction fees. FuturoCoin utilizes a peer-to-peer technology operating with no central authority. Managing transactions and issuing money are carried out collectively by the network. The digital currency is constructed on an open source code which offers a supply of 100,000,000 FuturoCoin (FTO) at most, it is reckoned that to mine the whole currency in total it will take around 10 years to do so.

According to an article on Bitcoin Exchange Team, one thing that FuturoCoin has over most of their peers is that it has already managed to establish a strong user base from its parent company, FutureNet, and that is backed up by a talented and innovative team that aims to revolutionize the cryptocurrency field.

Digging Deeper

The deal was induced by founder Roman Ziemian’s passion for motorsport and will cover the 2019 and 2020 F1 seasons.

“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.” (Roman Ziemian)

The branding of FuturoCoin will be presented on drivers Max Verstappen and Pierre Gasly’s Aston Martin Red Bull Racing RB15 F1 cars. Also, the drivers’ overalls and the team transporters will show the logo of the company.

According to Financial Post, the CEO of FuturoCoin’s management company said:

“We are very proud that FuturoCoin will be the first cryptocurrency in the world to appear on an F1 car. In addition we are looking forward to working alongside Aston Martin Red Bull Racing, a prestigious brand that is recognised across the world.”  (Paulina Woźniak)

Other Sports Hops on the Blockchain and Cryptocurrency Bandwagon

A story from News BTC stated that the union between Red Bull Aston Martin and FuturoCoin may be a first for Formula 1. But, it is definitely not the only time a professional sports team has shown the same interest in crypto or blockchain technology.

NewsBTC reported last year on a few stories of sporting clubs initiatives to look into the financial and technological innovation. Rimini FC, an Italian football club, became the first team to be bought using cryptocurrency last summer. Later in October, French football club Paris Saint-Germain elaborated plans to start its own digital asset.

In other sport-related cryptocurrency news, in June 2018, NBA team the Sacramento Kings turned into the first professional sports club to mine digital assets from their own stadium. The club turned a section of their sporting site into a data center, with local charitable causes benefiting from generated profits.

What do you think of sporting events and teams getting into the crypto-world? Share with us your thoughts on the comment section below!