Oracle Red Bull Racing Teams Up with Mysten Labs for Blockchain Engagement via Sui Platform

Sui has been selected to serve as the official blockchain partner for Oracle Red Bull Racing.

Oracle Red Bull Racing Validator will be available on Sui thanks to the collaboration between the team and Mysten Labs.

Mysten Labs, which was the project’s first contributor, will be in charge of managing and operating the validator.

In order to enhance the Sui protocol, the Oracle Red Bull Racing Validator will take part in the process of reaching a consensus throughout the network. This will assist to guarantee that the blockchain is populated with only genuine data.

Oracle Red Bull Racing Team Principal and Chief Executive Officer Christian Horner remarked that the team was an early user of blockchain technology in Formula One. He noted that the company saw the technology’s potential to link fans all over the globe with the team in a manner that was both innovative and forward-thinking.

This experience will be improved because to the cooperation with Sui, which will make accessing it simpler, more secure, and more interesting.

They are pleased to provide their support to Oracle Red Bull Racing at this exciting time as the team investigates novel approaches to building connections with fans.

The Oracle Red Bull Racing Validator was released after the team decided in June 2023 to make Sui its Official Blockchain Partner as part of a multi-year agreement with Mysten Labs to build on Sui. 

Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform. Its purpose is to enable the ownership of digital assets quick, private, and safe while also making them available to everybody. Parallel execution, sub-second finality, and rich on-chain assets are all made possible as a result of its object-centric approach, which is based on the Move programming language.

Since the beginning of the FIA Formula One World Championship, Oracle Red Bull Racing has consistently shown to be one of the most formidable teams in the competition.

The team has become one of the most successful teams in Formula One as a result of their enthusiasm, playfulness, ambition, and extraordinary successes. They are recognized as one of the most successful teams in the sport.


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Bybit Secures Multi-Year Partnership Deal with Red Bull

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. 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


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