Following a 3-year deal, Singapore-based crypto assets trading platform Bybit has become the Principal Team Partner for Oracle Red Bull Racing, one of the most successful Formula 1 teams.
As announced by Red Bull, the deal is worth $50 million annually and will be paid in cash and the trading platform’s native token, the BitDAO (BIT) tokens.
Bybit will form a major part of the Red Bull innovation team and help champion several initiatives in two primary ways, exclusively as the Cryptocurrency Exchange Partner and as the Team’s Tech Incubator Partner. Bybit will assist in coordinating “a range of crypto-inspired initiatives from crypto-literacy to promoting the growth of green technologies.”
Both Bybit and Red Bull will also be engaged in the “promotion of sustainability, diversity, STEM careers and recognition and support for women in blockchain as well as to introduce coding to new audiences.”
“It’s fitting too that, as we enter a new generation of competition of F1 in 2022, with an advanced and potentially game-changing new philosophy of cars taking to the track, that Bybit also exists at the cutting edge of technology. They share the Team’s passion to exist at the forefront of technological innovation, to set the competitive pace, and to disrupt the status quo,” said Oracle Red Bull Racing Team Principal and CEO Christian Horner.
Bybit will help the team in developing and distributing its fan tokens. As the tech incubator, Bybit will also be tasked with managing the team’s Non-Fungible Token (NFT) collections.
It is not uncommon to find a digital assets trading platform inking a sponsorship deal with a Formula 1 team. Crypto.com was the first digital assets exchange service provider to ink a related deal with an F1 team when it secured a sponsorship deal with Aston Martin last year. The embrace of racing sports teams is growing as the go-to strategy to push crypto’s publicity into the global limelight.
Image source: Bybit