F1’s Red Bull announces the sport’s first cryptocurrency sponsor

Aston Martin Red Bull Racing has a brand new sponsor, but it’s not a watch, fashion or oil company.

Instead, the Formula 1 team announced FuturoCoin — a cryptocurrency — as its new partner.

“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,” said team principle Christian Horner in a release.

The sponsorship will place FuturoCoin logos on the cars, overalls, and transporting equipment.

FuturoCoin is a relatively small cryptocurrency. According to CoinMarketCap, just $360 000 is currently in circulation, with each FTO valued at just over $5 at the time of writing.

Feature image: Justin LaBerge via Flickr (CC BY 2.0)