Key takeaways:
- Bybit has signed a three year $150 million deal with Oracle Red Bull Racing
- Bybit will help the racing team launch fan tokens and will be its exclusive cryptocurrency exchange sponsor for the next three years
- Over the past year, several Formula One teams have partnered with crypto-focused businesses
Bybit, a rapidly growing cryptocurrency trading platform, has signed a three-year deal with the Oracle Red Bull Racing team. The $150 million sponsorship will see Bybit become the exclusive cryptocurrency sponsor of the UK-based Formula One team.
Bybit becomes the “Principal Team Partner” of Red Bull Racing, will help the team launch fan token
According to Wednesday’s announcement, Bybit will become the exclusive “Principal Team Partner” of one of the winningest teams in the world’s most prestigious automotive competition. As a part of the newly-signed $150 million sponsorship, Bybit will become the team’s exclusive crypto exchange partner and will help incubate and release the team’s fan token.
Red Bull Racing’s drivers Max Verstappen and Sergio Pérez are competing in the FIA Formula One Championship driving Honda-powered cars. The team has won five Drivers’ Championship – four consecutive titles from 2010 to 2013, and another one in the 2021 season – and four Constructor’s Championships.
Christian Horner, the CEO of Red Bull Racing, believes the partnership between the crypto firm and the racing team will “disrupt the status quo” and introduce new ways of engagement between the team and its global fan base.
Ben Zhou, Bybit’s co-founder and its CEO, remarked that Red Bull Racing shares the crypto exchange’s core value and believes the F1 team based out of Milton Keynes revolutionized the automotive landscape in the same way that Bybit revolutionized the cryptocurrency exchange industry.
Red Bull Racing is not the first Formula One team to partner with a cryptocurrency firm. In mid-2021, FTX crypto exchange signed a multi-year sponsorship deal with Mercedes-AMG Petronas. At the tail end of last year, Scuderia Ferrari inked a partnership with Velas Network, a Swiss-based blockchain company that specializes in NFT-related products.
The price of Bybit’s native BitDAO (BIT) token increased to a cycle high of $1.75 on the news, gaining nearly 10% over the last 36 hours.
