In a strange bout of recent news, mainstream powerhouse and sports sponsor Red Bull announced a partnership with FuturoCoin.
An odd partnership
FutoroCoin is a little-known crypto asset sitting near the bottom (1773 out of 2065) of CoinMarketCap’s list of top cryptocurrencies by market cap. Meanwhile, valued at $10.4 billion, Forbes ranked Red Bull at number 61 on its World’s Most Valuable Brands 2018 list. A partnership with one of the top crypto assets, such as litecoin, would make a bit more sense.
On February 11, crypto-influencer and YouTuber, Sunny Decree, posted a video delving into the strange partnership. Decree referenced his source for the news – an article from February 5 featured on the Red Bull Racing website.
According to the Red Bull Racing website article:
Aston Martin Red Bull Racing is pleased to announce a new partnership with global cryptocurrency, FuturoCoin. The partnership represents the first time a cryptocurrency has sponsored a team in Formula One, and marks another exciting step in the development of this industry.”
FuturoCoin will reportedly see its logo displayed on team uniforms, as well as elsewhere. As quoted in the Red Bull Racing article, Aston Martin Red Bull Racing Team Principal Christian Horner noted:
In recent years, the rise of blockchain technology and cryptocurrencies has been truly remarkable, and we’re delighted to be the first Formula One team to embrace this, through our partnership with FuturoCoin […] Secure digital currencies are on the leading edge of technological development and we are very excited to be part of this revolution.”
Something doesn’t add up
In his video on the news, Sunny Decree pointed out several oddities. According to Decree, the only FuturoCoin Reddit postings are from its own team. FuturoCoin reportedly also states itself to be faster than bitcoin and Dash.
Laughing to himself, Decree mentioned several other aspects of FuturoCoin, its website and its white paper, making it appear as though FuturoCoin might simply be an insignificant bitcoin competitor.
Decree even pointed out an obvious error in one of FuturoCoin’s whitepaper headings, which he himself noticed, even though English was not his first language (Decree resides in Switzerland). The heading on page nine of the whitepaper states, “FuturoCoin sollution to all market problems” – where the word “solution” is spelled incorrectly.
Speaking on the partnership, Decree said,
I cannot really imagine how this happened. Other than someone did a huge, huge, huge mistake […] If you just type in FuturoCoin on Google for example, well, most of the articles are just trying to answer the question if FuturoCoin is a scam or not.”
According to a press release posted on BusinessWire, the partnership is a “two-year deal”.