F1 team bosses have defended the step to sign crypto sponsors in the sport which has fast caught up at the worldwide level.
While there is criticism surrounding the crypto sponsors especially due to the way it is mined, but F1 bosses have defended their signing. There has been a huge surge in crypto sponsorship in the sport where eight of the 10 outfits have one deal signed.
The growing influence not just limited to teams but Formula One as a sport too has a crypto sponsor which they signed with last year for the sprint events. The sustainable aspect is the key point of debate but the bosses feel, there are different ways of mining.
Here’s what some of the F1 bosses said regarding the topic –
Christian Horner: “We have signed significant deals over the winter. The world is evolving and changing. The whole crypto sector is a fascinating one. You are seeing it more throughout all sports of course. Its something we look at and take the sustainability argument very seriously as do our partners. Obviously looking at technologies that improve that and if we can assist in achieving that it is an exciting new sector and its great too see so much interest in Formula and making it so attractive.”
Toto Wolff: “The sustainability argument is extremely important but it is not only about mining and the energy it consumes but also where they energy comes from but you cant shut yourself down to modern technology. It is definitely an area that will grow. I think when we look back in 10 years time having made payments that take two days and cant be done outside of work hours is going to become a thing of the past and this is where cryptocurrency comes in.
“They are their own industry , and that is why they have become a major player in the Financial World and obviously seek exposure from F1 and we all benefit from it and learn from it and for me it fascinating to understand crypto exchanges. Billions of exchanges every day and that is something you cannot stop. You have to do it right and we were certainly a good sparring partner for them in assisting ability targets.”
Andreas Seidl: “So obviously as mentioned an emerging new category and this brand will use the global platform of sport and F1 to promote their brands and therefore as mentioned before, we are absolutely open for it as well as long as it is done in the right way.”
Laurent Rossi: “I think there is a lot to be said about that. Hard to ignore that we are utilising the entire world. Just broadcasting is costing a lot of energy. Media is probably the source of energy that is most widespread. On our end we embrace it. The crypto currency, digital, universe is going to offer new possibilities. Personally, I am all in favour, so we are going in the right direction. We are opening new eras and making sure that F1 stays modern and relevant to the audience not being stuck in the past.”
Franz Tost: “Crypto currency has become an important pillar in the business world and we cannot close our eyes and to say we don’t want to be involved, we also have a sponsor of the crypto currency and you know regarding this sustainability, they do not have the same way to create the energy for their business so therefore you must be careful that you cant say it is not sustainable, it depends, there are different currencies as you know and different ways for us so it is an important part for the future and we will of course support this.”
Looking at the list of crypto sponsors that the F1 teams have this year, they are:
Mercedes – FTX
Red Bull – Bybit, Tezos
Ferrari – Velas AG Network
McLaren – Tezos
Alpine – Binance
AlphaTauri – Fantom
Aston Martin – Crypto.com
Alfa Romeo – Floki Inu
F1 – Crypto.com
Here’s the F1 Barcelona Test stats
Here’s full list of F1 2021 partners (2022 to come soon)