The Overtake Award is backed by, the cryptocurrency company that already has strong links with F1’s sprint events.

F1 says that new prize is “designed to celebrate the bravery exhibited by drivers who make bold moves in pursuit of success.”

In addition, F1 notes that “new broadcast graphics will be introduced live during each race, to signal overtaking possibilities and potential moves, and to help fans keep track of drivers’ progress in the hunt for the Overtake Award, [and] which will chart the amount of overtakes made throughout the campaign.”

By definition the award is set to go to a driver from the midfield rather than a regular pole man or race winner. It’s understood that Aston Martin’s Sebastian Vettel is the current leader after the first 11 races of the season.

The news shows that F1 is continuing to seek fresh ways of involving its key sponsors in new areas, with the overtaking trophy joining existing prizes such as the DHL Fastest Lap Award.

It also gives a wider presence over the full season, and not just on sprint event weekends. Intriguingly F1 has tried to draw a comparison between overtaking on the track and dealing in cryptocurrency.

F1’s director of commercial partnerships Ben Pincus said: “We’re delighted to be expanding our partnership with as we introduce the Overtake Award which will integrate the brand into F1 throughout the season, in addition to the title partnership of the F1 Sprint Events.

“The Overtake Award gives us the chance to celebrate drivers’ instincts to make bold and strategic moves which reflects the qualities needed when dealing in cryptocurrency.” chief marketing officer Steve Kalifowitz added: “We are extremely proud to be introducing a first of its kind award to Formula 1. We strive to create partnerships that deliver win-win-win opportunities and I can’t think of a more perfect opportunity than the Overtake Award.

“This award allows our values to shine through celebrating the moments where drivers exhibit the bravery required to get ahead. This season has already seen some amazing overtakes, and I can’t wait to see who this year’s champion is.”

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