Formula 1 team Sauber has agreed to sign a two-year title partnership deal with cryptocurrency casino and sports betting platform Stake starting in 2024.
The deal saw the Swiss racing team of drivers Valtteri Bottas and Zhou Guanyu, previously operating under the name Alfa Romeo, become Stake F1 Team Kick Sauber.
“Last season marked the beginning of Stake’s journey in Formula 1, and Brand’s new role leading the Stake F1 Team represents the natural and exciting next step on this path,” team principal Alessandro Alunni Bravi said in the announcement.
F1 has become a popular venue for blockchain and cryptocurrency sponsorships in recent years, including Tezos, OKX, Binance, OpenSea, ByBit and others. However, the recent bear market has forced some companies to pull out.
Stake was last in the news in September 2023, when it suffered a loss of $41 million due to a private key attack targeting one of its stake wallets. The FBI said in a report that the attack was carried out by the North Korean hacking group Lazarus.
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