There has been a boom in involvement of crypto sponsors in F1 over recent years, with the vast majority of the grid now sponsored by digital currency companies.
Most recently, Red Bull signed what is believed to be the biggest crypto sponsorship contract in sport with a $150 million deal with exchange Bybit – which is partly funded in cash and partly in tokens.
But crypto remains a controversial topic, with reports of hacking, links to criminal activity and scams leaving many sceptical about it.
Furthermore, there are questions being asked about the impact it has on the environment because of the large amount of electricity that some proof-of-work currencies like Bitcoin require to keep its blockchain processing.
Some have questioned whether the environmental issue puts crypto at loggerheads with F1’s sustainability push, but teams do not see it in such simple terms.
Instead, they support a growing view that a wider acceptance of crypto by the public can act as a catalyst to…
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