Formula 1 bosses address crypto sustainability

Red Bull Formula 1 (F1) team owner Christian Horner has joined others in the sport calling for improvement in crypto technology to establish a sustainable operational model.

Red Bull recently signed a $150m partnership with Bybit and represents the most crypto-friendly F1 team in the competition.

“We take the sustainability argument very seriously and of course so do our partners, so obviously we are looking at technologies that can improve that”, Horner said, and his sentiments are echoed by others.

Mercedes owner Toto Wolff has acknowledged that while crypto does raise concerns about the energy used in mining and operating crypto, there are already solutions on the way.

Wolff specifically spoke about this year’s move by Ethereum which is expected to see the network switch from a Proof of Work concept to Proof of Stake.

“The sustainability argument is extremely important”, Wolff said, but he believes there is a growing need to embrace blockchain and crypto technology rather than shun it. “You can’t shut yourself down to modern technology”, he added.

The two owners were joined by Alpine boss Laurent Rossi whose team has just introduced its first fan token on Binance, a popular crypto exchange.

Digitalization is taking over the world, Rossi explained, and his team is prepared to embrace crypto. “It’s currency, it’s a digital universe, it’s going to offer new possibilities”, he explained.

AlphaTauri owner Franz Tost also joined the conversation and argued that not all cryptocurrencies should be dismissed as energy hungry. Fantom, he argued, is just the opposite thanks to its Proof of Stake blockchain. Fantom has also sponsored AlphaTauri since November 2021.

As support for crypto mounts in racing, you can bet on F1 races using crypto at some of the leading crypto bookmakers, including Sportsbet.io, Cloudbet or FortuneJack.

Source

Updated: 03/08/2022 — 08:00