The 2021 Formula 1 winner, Oracle Red Bull Racing has signed a three-year partnership with Singapore-based cryptocurrency platform Bybit in the largest annual crypto tie-up in the international sport ever signed.
In Brief:
- The deal valuation was not revealed officially but is speculated to be $150m and makes ByBit the exclusive crypto exchange partner.
- The three-year partnership is for multi-fold motives including ByBit becoming the tech incubator & distributing ‘fan tokens’.
There is no concrete information on the terms and valuation of the deal as announced by the Milton Keynes- based team but it is speculated that the value of the deal was worth $150 million to be paid in a combination of fiat and BitDAO tokens.
What is this partnership aiming to achieve?
Firstly, it is intended that ByBit will help expand Red Bull’s fan engagement through the crypto exchange.
That will be accomplished by the issuance of ‘fan tokens’ and as a tech incubator which basically means it will help distribute the team’s growing collection of digital assets. And, support its initiatives such as developing talent through the Red Bull Technology Campus in Milton Keynes.
“This is also a key mission for the team and Bybit’s assistance will help us build a deeper more immersive and unique connection with the team for fans around the world,” said Red Bull team boss Christian Horner.
Secondly, not only does this deal put ByBit in the position to be the racing team’s exclusive crypto exchange partner, the concerned collaborators will work closely on propagating diversity in crypto-literacy, supporting women in blockchain while also introducing coding and promoting STEM careers among new young audiences.
Bybit Co-founder and CEO Ben Zhou also stated that the crypto exchange’s team connects with Red Bull Racing’s core values and how it changed the F1 game in the same way that digital assets are disrupting finance.
On the same note, he said, “Bybit has found our kindred spirit, and the perfect harmony of speed, safety, and reliability is everything our users are looking for on our platform.”
Cryptocurrency is making its way into mainstream media coverage by sponsorship and Super Bowl ads and it seems only the beginning. Very recently, Singapore-based crypto exchange, Crypto.com signed a nine-year deal with Formula One becoming the major sponsor and title partner of the first-ever Miami Grand Prix.
