Red Bull has announced cryptocurrency FuturoCoin as a new sponsor for the 2019 F1 season.
The multi-year sponsorship deal will see FuturoCoin’s logos appear on the Red Bull RB15, which will be launched next week, one the overalls of drivers Max Verstappen and Pierre Gasly (above) and the team’s transporters.“The rise of blockchain technology and cryptocurrencies has been truly remarkable, and we’re delighted to be the first Formula 1 team to embrace this through our partnership with FuturoCoin,” said 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.”
FuturoCoin co-founder Roman Ziemian said: “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.”
Red Bull is not alone in attracting sponsorship from a cryptocurrency. Haas driver Romain Grosjean has attracted backing from SoccerCoin, whose logos will appear on his helmet this year.
Cryptocurrencies, the most famous example of which is Bitcoin, have grown in popularity in recent years. The technology allows people to exchange money through a decentralised system as opposed to traditional centralised currencies and banks. There are believed to be several thousand different cryptocurrencies in operation.
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Phylyp (@phylyp)
5th February 2019, 10:17
Wheee, wheee, all aboard the crypto hype train.
Departing in 30 minutes (with your money)!
Luke S (@joeypropane)
5th February 2019, 11:07
There is a lot of crypto-currency scams and pyramid schemes out there (as well as plenty of coins with zero function), but don’t discount the impact the underlying blockchain technology will have in the future.
This is coming from someone who owns zero tokens, I just follow the tech news and possibilities.
Phylyp (@phylyp)
5th February 2019, 11:37
@joeypropane – good that you brought up this distinction.
Blockchain, yes. It is a good concept, and am willing to give it time to find its killer application. I’ve not seen any convincing applications for it yet, but will remain open-minded.
Cryptocurrency – colour me sceptical; I like the idea of a centralized currency & exchange, the faith, insurance & loss coverage that a central entity provides its citizens (e.g. HM’s Treasury, the Federal Reserve).
MacLeod (@macleod)
6th February 2019, 7:53
They are being used for encryption of keys (like security key key on internet sites, bankpas pin, ect..)
BradB (@bl0rq)
12th February 2019, 16:31
Even blockchain is useless. It is just a fancy, worse version of a linked list. Great article explaining why better than I ever could by one of the best guys in the security business:
https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/
Spud693
5th February 2019, 10:18
Hope they got the money up front…
@HoHum (@hohum)
5th February 2019, 22:27
Yep, it will be in Futurocoin of course.
Phylyp (@phylyp)
5th February 2019, 10:19
There’s many things to describe crypto with, but speed is not one of them.
ruliemaulana (@ruliemaulana)
5th February 2019, 12:03
It will be great if F1 budget cap are to convert to crypto tokens. FIA could track where all the money being spent and distributed.
BaKano (@bakano)
5th February 2019, 10:26
I almost missed their name on Pierre’s left arm…
PT (@pt)
6th February 2019, 9:10
There are so many sponsors who appear in a very tiny portion of the overalls or, worse, on a very, very tiny portion of the car such as at the end of the sidepods. Of course they are paying much lesser than the big sponsors, but what visibility and marketing value would they possibly get by appearing in such a tiny manner on the overalls and car? Of course there is some value or they wouldn’t be doing it, but I fail to understand what it is. Most people won’t be noticing it.
zimkazimka (@zimkazimka)
6th February 2019, 12:14
@pt I guess they don’t count on exposure during races. Instead, they can boast on their own website and promotional material about being an official Red Bull F1 team sponsor. Perhaps even use Red Bull images and video in some volume. It gives them some weight being officially linked with one of the top teams in one of the most popular sports.
PT (@pt)
7th February 2019, 3:52
Yeah, you’re right. Thanks for the insight :)
ddd (@fandukaja)
5th February 2019, 13:05
Seeing this, I am 100% sure those backgrounds are photoshopped :)
Chad (@chaddy)
5th February 2019, 15:00
Given that, you’d think they could have made at least a quick pass at removing that disgusting facial hair
Phylyp (@phylyp)
5th February 2019, 17:58
@chaddy – the kid probably spent a month growing that fuzz. He’s driving a Honda, that fuzz might be his high point of the season. Don’t take it away :)
Djangles LeVaughn (@royal-spark)
5th February 2019, 13:32
When I think of crypto-currencies one thing springs to mind…
DEY TOOK OUR GREFICS CERDS!
Phylyp (@phylyp)
5th February 2019, 15:10
@royal-spark – I feel your pain 😁. Thankfully that bubble has burst, and prices are returning to normalcy. But yes, the number of people who had to put that part of their build on ice about a year ago (and for a very long time) was significant.
Ziomal
5th February 2019, 14:00
problem is this Futurocoin is a blatant SCAM from people that have done it before and a notorious crooks:
https://behindmlm.com/companies/am-redbull-f1-accepts-futurenet-ponzi-sponsorship-ignores-concerns
wonder if they did any due diligence on this ?
shame on you RedBull team..
Xcm
5th February 2019, 19:43
Shame? For taking a sponsors money?
Shame on you for heaping Shame on people you don’t even know…
anon
5th February 2019, 20:59
Xcm, sections of the Polish media have raised fairly serious accusations against the founders of FuturoCoin (which was founded by Polish nationals), with allegations that the company is defrauding its investors. In fact, the District Prosecutor’s Office in Wrocław is currently undertaking an investigation into this company and the individuals running it because they have been accused of operating a Ponzi scheme.
With that in mind, what Ziomal is saying is that it is a shame for Red Bull to be accepting sponsorship money from an organisation that is being investigated for fraud and where those funds may have been obtained through criminal activity.
Ziomal
5th February 2019, 21:51
exactly right.. that is what I had in mind.. I bet that once RedBull realizes how much damage this stupid deal will bring to their name they will drop it..
alex
9th February 2019, 11:47
I do not think so. The FuturoCoin signed the agreement for many years. This is nothing wrong in being successful in my opinion. If they can afford the sponsorship of the top racing team they do that. Of course, both Red Bull and FuturoCoin will benefit thanks to that move.
Xcm
6th February 2019, 1:22
A well thought out post as always… thanks for explaining anon.
Kringle
5th February 2019, 16:47
The shady world of formula one continues.
Jimmi Cynic (@jimmi-cynic)
5th February 2019, 20:50
F1: Now with Crypto-Scams and Betting!
JC
6th February 2019, 6:46
… and non-existent energy drinks!
zimkazimka (@zimkazimka)
6th February 2019, 12:17
… as well as existing but banned tobacco sponsors!
kcrossle (@kcrossle)
5th February 2019, 21:41
Someone be sure to get the password! https://boingboing.net/2019/02/04/crypto-ceo-dies-with-the-passw.html
petebaldwin (@)
5th February 2019, 23:21
WOW. Just been reading up about this and the many rumours about what may have actually happened… It all sounds exceptionally shady!
rsp123 (@rsp123)
6th February 2019, 12:59
I know a bit about cryptocurrencies, and fear Red Bull are making a big mistake here. “Futurocoin” is ranked as 1791 out of 2080 cryptos on Coinmarketcap.com. It’s a nothing coin set up by people with a record of bankruptcy. It offers no functionality or utility that can’t be found on more liquid and reputable coins. It isn’t even listed on any of the main exchanges. Most people, even in the crypto world, cannot buy or sell it. Their White Paper reads badly. Frankly, something smells very dodgy here. How will the founders of this supposedly open-source coin get their sponsorship money back? It looks as if that may entail pumping the price of this coin (with the help of Red Bull), and then selling a great many that they have pre-mined themselves. And then what? The crypto world has seen some awful scams already. I hope this isn’t another one.
If Red Bull want to be associated with “excellence” in crypto, then they should be hooking up with one of the biggest names in the space, not some minnow that no one has ever heard of. The only leading coin that is controlled by a private firm is XRP. The only other cryptos worth considering – Bitcoin and Ethereum (who between them account for the vast majority of all trading) – are open source systems not under the control of anyone.
alex
9th February 2019, 12:53
In my honest opinion it’s absolutely brilliant. This sponsorship will raise the awareness of the F1 audience on crypto trading. Of course, it will be beneficial for FuturoCoin project and their coin price. And RBR Team will be linked with innovation – this is first cryptocurrency F1 sponsorship ever!
gret85
9th February 2019, 17:01
i will agree. the f1 is a real queen of a motosport so achieving this sponsorship by FTO is a huge success! you can check this video for more information https://www.facebook.com/FuturoCoin/videos/415957252478876/ i am impresed! red bull racing team made a good decision!
zorban
9th February 2019, 17:03
Red Bull will benefit from new sponsor much, especially if it makes it associated with modern technologies. Of course, FuturoCoin will also benefit from this, the news is sure to please investors who already have FTOs in their wallets.
Selvam Matussari
9th February 2019, 14:07
In my honest opinion it’s absolutely brilliant. This sponsorship will raise the awareness of the F1 audience on crypto trading. Of course, it will be beneficial for FuturoCoin project and their coin price. And RBR Team will be linked with innovation – this is first cryptocurrency F1 sponsorship ever!
victoria
10th February 2019, 13:26
This is big news from FuturoCoin! For me, one of such big advantages is the strengthening of cryptocurrency as a serious thing that has potential and can be a partner for other brands. Such cooperation can’t be missed in the world of F1 and cryptocurrency.
Francesco
10th February 2019, 14:25
In my opinion, it is a good deal for both parties. FTO is a fresh project and the appearance in F1 is a huge advertisement. The same is how many comments and interests there are in relation to this sponsorship. And RedBull shows that it focuses on innovation. Formula 1 in general has always been the first in terms of novelty, innovation, technology. The combination of the growing market for cryptocurrencies with F1 seems quite natural. I think it may be the first such cooperation, but not the last one.
James
11th February 2019, 16:05
To be honest, I’m glad that things like this happens from time to time. FutureCoin did a great job and made a great example for others cryptocurrency companies. I’m really big fan of F1 so i can’t complain :D