Formula 1 team bosses have justified their sponsorship deals with cryptocurrency brands amid concerns over their stability and impact on the environment.
Cryptocurrency sponsorship has been on the rise in F1 since 2020, having been present in other motorsport earlier. Mercedes, Red Bull, Aston Martin, Alpine and F1 itself have deals with cryptocurrency exchanges, Alfa Romeo have a partnership with an NFT token scheme, AlphaTauri, McLaren, Alpine and Ferrari partner with blockchain platforms and Aston Martin and Alfa Romeo with a fan token exchange platform.
Red Bull announced a lucrative partnership with cryptocurrency exchange ByBit ahead of last week’s test. “We’ve signed significant deals over the over the winter,” team principal Christian Horner acknowledged .”The world is evolving, the world is changing. The whole crypto sector is a fascinating one, we’re seeing it more throughout all sports and of course it’s something that we look at.”
However, serious questions…