The cryptocurrency casino and sports betting platform Stake and Formula 1 team Sauber have reached an agreement for a two-year title collaboration in 2024.
Through the agreement, the Swiss racing team, which was once known as Alfa Romeo and is driven by Valtteri Bottas and Zhou Guanyu, will now be known as Stake F1 Team Kick Sauber.
Team Representative Alessandro Alunni Bravi stated in a statement, “Last season represented the start of Stake’s journey in Formula 1 and the brand’s new role headlining Stake F1 Team represents the natural and exciting next step on this path.”
In recent years, F1 has drawn a lot of sponsorships from blockchain and cryptocurrency companies, such as Tezos, OKX, Binance, OpenSea, ByBit, and others; however, some of these companies have pulled out due to the recent weak market.
The last time Stake made headlines was in September 2023, when a private key exploit that targeted one of its wallets cost it $41 million. In a report, the FBI said that the intrusion was carried out by the North Korean cyber outfit Lazarus.