Red Bull targets US market as latest F1 team to secure crypto firm deal

Most popular in the US, Cash App is a mobile application that allows you to manage your own finances, purchase stocks or invest in Bitcoin - the most popular cryptocurrency in the world.

Cash App’s logo will be branded on Red Bull’s RB16B from the Monaco Grand Prix onwards, while the new partnership will also serve as a tool to educate people on how best to manage their finances and potential investment opportunities.

With F1 having a second race in the US from 2022 in Miami, Red Bull believes signing with the lead financial app in the country will bring fresh eyes to the brand as a whole.

Red Bull becomes the third F1 to enter the world of cryptocurrency - Aston Martin is partnered with Crypto.com, while McLaren teamed up with Turkish crypto firm Bitci.com in March.

Speaking of the announcement, Red Bull team principal Christian Horner said: “Since its inception Red Bull Racing has been a disruptor, challenging the status quo in Formula One and pushing technological boundaries to build the fastest possible F1 car.

“Cash App brings a similar ethos and drive to the world of personal finance, utilising technology to power quick, secure cash transfers, to buy and send Bitcoin, and to invest in stocks.

“But what’s more, Cash App recognises the importance of financial education for its customers – something Formula One will come to understand even better under the new financial regulations – and we are therefore delighted to welcome Cash App as the Team’s latest partner.”

Catherine Ferdon, Head of Marketing & Brand at Cash App added: “We’ve been longtime fans of racing at Cash App, and with the recent announcement of the Miami Grand Prix being added to the 2022 race calendar, it is clear that the US is a priority for Formula One. As the leading financial app in the US, we are thrilled to bring our Cash App customers into the Red Bull Racing Honda family.”