Formula 1 team Red Bull Racing has inked a $150 million three-year sponsorship deal with Singapore-based cryptocurrency platform Bybit.
Red Bull Racing announced a far-reaching partnership with leading cryptocurrency platform Bybit. The multi-year agreement represents the largest cryptocurrency project to date in international esports.
Commenting on the deal, Christian Horner, head of Red Bull Racing said:
“I am very pleased to welcome Bybit to the team. It's fitting that Bybit is also at the forefront of technology as it enters a new generation of F1 competitions in 2022, with an advanced and potentially game-changing new philosophy of cars taking to the track. They share the team's passion for being at the forefront of technological innovation, setting the pace of competition and changing the status quo. Linked to this is Bybit's commitment to enlivening the fan experience in Formula 1 through digital innovations. This is also a key mission for the team, and Bybit's support will help us create a deeper, more immersive and unique connection with the team for fans around the world."
Bybit will act as fan token issuer and tech incubator for Red Bull Racing under the agreement. This means the exchange will help the team distribute its digital collections and support its other initiatives, such as developing talent through the Red Bull Technology Campus in Milton Keynes.
Red Bull Racing is not the only one to have signed a deal with a crypto company. Alpine recently announced the launch of a fan token via Binance, while Red Bull's sister team AlphaTauri has extended the agreement with Fantom, which it first announced in May 2021.
Mercedes also signed a deal with FTX last September, while McLaren entered a new partnership with Turkish company Bitci.com for 2022 and Ferrari teamed up with Switzerland-based Velas Network.
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