McLaren Partners With Turkish Crypto Company to Launch Formula 1 Fan Token

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McLaren, the legendary Formula 1 car racing group, has entered into a long-term venture with Turkish crypto company Bitci.com to make an official enthusiast dividend to the group.

The U.K.-based McLaren will start its own enthusiast token — that it says is the first of its type in Formula 1 racing — throughout the new venture. Bitci.com will become a formal partner of the rushing group, based on Wednesday’s statement . Bitci.com is a Turkish cryptocurrency market with approximately $50 million at 24-hour traded quantity.

McLaren joins other notable sports teams which have established fan tokens. The electronic limited-edition tokens let a sports group to make partners from their lovers: token owners make voting rights on specific decisions made from the groups and other advantages unique to unique sports clubs. In 2020, premier league football team FC Barcelona made $1.3 million in earnings after launch its enthusiast nominal $BAR.

Before this month, Malta-based enthusiast token platform Chillz stated it intends to devote $50 million to expand operations to include teams from leading U.S. sports leagues such as baseball and soccer.

As a result of outbreak, the nation chose to proceed with the race without fans attending. The worldwide market for its 2020 Grand Prix has been an estimated 433 million.

“The very fact that McLaren Racing, among the most outstanding teams and regarded as among those legends of Formula 1 all around the globe using its own successes, has selected to operate with a Turkish blockchain firm for this particular project is quite important since this is the strong evidence for the international victory of Turkish entrepreneurs, engineers and software programmers,” Çağdaş Çağlar, chairman in Bitci Technology stated in a media announcement.

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