Red Bull has become the first Formula 1 team to gain a sponsor from the world of cryptocurrency, announcing a deal with FuturoCoin ahead of the 2019 season.

The recent cryptocurrency boom saw a number of Formula E teams and drivers link up with companies, but Red Bull's announcement marks the first foray of an F1 team into the industry.

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Red Bull announced a multi-year agreement with FuturoCoin on Tuesday, with its branding set to appear on the team's RB15 car, team transporter and driver overalls.

"In recent years, the rise of blockchain technology and cryptocurrencies has been truly remarkable, and we’re delighted to be the first Formula 1 team to embrace this, through our partnership with FuturoCoin,” said Red Bull F1 team principal Christian Horner.

“Secure digital currencies are on the leading edge of technological development and we are very excited to be part of this revolution."

Roman Ziemian, co-founder of FuturoCoin added: “Cryptocurrencies and Formula One are very similar and their values are much alike; speed, technology and being ahead of their time. 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.”

Haas F1 driver Romain Grosjean recently announced a personal sponsorship deal with SoccerCoin, with its logo set to appear on his helmet through the 2019 season.

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