Cryptocurrency company FuturoCoin announced on Tuesday that it is going to be sponsoring the Aston Martin Red Bull Racing (RBR) Formula One team.

Founded in 2017 by Roman Ziemian and Stephan Morgenstern, FuturoCoin is a cryptocurrency which its owners hope, despite the bearish market, will be the next token to take off.

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The company is trying to attract buyers for its tokens by focusing on quick transfer and payment times and providing fixed fees for transfers.

The deal with RBR makes the firm the first cryptocurrency company to sponsor a Formula 1 team.

“Cryptocurrencies and Formula One are very similar and their values are much alike; speed, technology and being ahead of their time,” said Ziemian. “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.”

FuturoCoin logo will appear on drivers’ overalls

As Ziemian’s comments suggest, FuturoCoin will accrue a number of benefits for its sponsorship of the Formula 1 team.

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For instance, its branding will appear on the Aston Martin Red Bull Racing RB15 F1 cars of drivers Max Verstappen and Pierre Gasly.

The company’s logo will also be printed on both drivers’ overalls and on the team transporters.

Though FuturoCoin may be the first cryptocurrency company to sponsor a Formula 1 team, it is not the only one to have entered into the sports sponsorship market.

At the beginning of last year, Arsenal Football Club signed a deal with cryptocurrency-based gambling company CashBet.

Another English football team, Wolves, also formed a partnership with cryptocurrency exchange Coin Deal last Summer. That deal means that, for the whole of this season, Wolves have played with the exchange’s logo on their shirts’ sleeves.

Perhaps most notable of all was football Lionel Messi’s endorsement of Sirin Labs – a blockchain-based mobile phone developer – in December of 2017.