Aston Martin Red Bull Racing Signs 2-Year Partnership Deal With Global Cryptocurrency Company, FuturoCoin
By: Kathryn Kuchefski
Tags: Partnerships, Formula 1, Blockchain, Cryptocurrency

Aston Martin Red Bull Racing will become the first Formula 1 team to sign a sponsorship deal with FuturoCoin (FTO), a global cryptocurrency. The agreement has FuturoCoin sponsoring Red Bull for the 2019 and 2020 Formula 1 Season.

The agreement will see FTO branding featured on the Aston Martin Red Bull team cars and transporters as well as on the uniforms of drivers Pierre Gasly and Max Verstappen.

“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,” stated Red Bull 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.”

This partnership not only represents the first time a cryptocurrency has sponsored a top international motorsport team, but the collaboration also marks another exciting step forward in the growth of the industry. Formula 1 has a global audience of over 350 million and that along with the fact that the AM Red Bull racing team has won the F1 constructor’s and driver’s world championships from 2010–2013, as well as 59 total Grand Prix, wins — the 6th most in F1 history, makes for an exciting partnership.

Roman Ziemian and Stephan Morgenstern founded FuturoCoin in 2017. Ziemian drove the deal not only because of his love of motorsports, but, as he stated, “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,” stated Ziemian. “The sponsorship is an exciting new chapter for our company and will be a global platform for us to drive awareness of FuturoCoin.”

While many teams are beginning to embrace blockchain technology and digital assets, its presence in professional sports is still a niche market. The hope is that by bringing a massive name like Red Bull Aston Martin on board will encourage more professional teams from all sports to seek out and explore similar cutting-edge opportunities in the future.

The partnership will showcase FuturoCoin in front of an entirely new audience. However, those familiar with FTO know it not only has four-second transactions and low fixed fees but is based on the same code as DASH, a reputable and recognized name in the crypto community.

“We are very proud that FuturoCoin will be the first cryptocurrency in the world to appear on a Formula One car,” stated Paulina Woźniak, CEO of FuturoCoin’s management company. “In addition, we are looking forward to working alongside Aston Martin Red Bull Racing, a prestigious brand that is recognized across the world.”

(Note: The 21-round 2019 Formula One season begins with the Australian Grand Prix on March 14–17.)

While this may be Formula 1’s first dip into the crypto/blockchain movement, many other sporting clubs have been exploring the many technological and financial advantages associated with this innovation.

https://www.nba.com/kings/news/kings-first-sports-team-mine-cryptocurrency-establish-multi-year-scholarship-fund data center

In June of 2018, the Sacramento Kings became the first professional sports club to mine their digital assets. Through a partnership with MiningStore.com, the Kings were able to install crypto mining machines in the arena by turning part of their stadium into a data center.

Beyond the technology, the Kings want all profits benefiting local charities. Their mining initiative entitled MiningForGood will create the basis for a multi-year scholarship program. The overall goal is to support and enhance the Sacramento community through the integration of technology and sports.

“Opportunity begins when technology allows the world to find innovative solutions to complex problems,” stated Sacramento Kings Owner and Chairman Vivek Ranadivé. “Through MiningForGood, not only will we raise funds to help with workforce development and training, we aim to inspire the next generation of tinkerers and thinkers to create change in their own community and around the globe.”

Additionally, this past August seven top U.K. football clubs announced a sponsorship deal with eToro, a digital currency exchange platform. The sponsorship deal itself is like any other minus the transaction happening in cryptocurrency. The hope is that in the future, leagues will look to pay their players in crypto.

The head of partnerships at Newcastle United was excited about the new sponsorship deal. The club’s official blog posted Dale Aitchison’s statements earlier today:

“We are delighted to welcome eToro to our family of high-profile commercial partners,” stated Head of Partnerships at Newcastle United, Dale Aitchison. “This is a leading player in an emerging industry and we are looking forward to exploring opportunities in cryptocurrency and technology together.”

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Blockchain and cryptocurriencies are changing the landscape of not just finances, real estate, etc., but sports as well. In regards to sports, there has been a stagnation of late in regards to team’s commitments to fans and vice versa. While arenas used to be filled with dedicated fans, they can now watch from home or on their mobile device free of increasing ticket prices.

Something needs to be done. Now is an ideal time for a team or brand to enter the sports sponsorship marketplace using blockchain and crypto. Ironically, an industry based on competition has yet to create a competitive ecosystem for the implementation of new technological ideas. Those with a long-term vision will jump on board now and be a part of this ever-growing disruptive force.