Oracle Red Bull Racing, a Formula 1 team has announced it has inked a new partnership with leading crypto exchange Bybit, as confirmed in an announcement released by Red Bull.
The sponsorship deal is going to last for three years and it is believed to be sealed with a sum of at least £100 million, hence being tagged as the biggest crypto partnership with a sporting team. The payment for the sealed deal will be made in cash and the native token of the trading platform BitDAO (BIT).
The crypto exchange, founded in 2018, will work with the Formula 1 team in two major ways including “as exclusive Cryptocurrency Exchange Partner and as the Team’s Tech Incubator Partner.”
The three-year deal will not only establish Bybit as a top-tier partner of the racing team, but it will help drive inventions of green tech. Additionally, Bybit will help in expanding the fan engagement activities of the team with creativities in digital holdings and social fan tokens as well as becoming the sole administrator of the team’s Non-Fungible Token (NFT) properties.
The crypto exchange will also work hand in hand with the racing team on activities such as educating fans about the blockchain space, so as to promote the expansion of blockchain-hinged education for women and other targeted audiences.
As part of the partnership’s agreement, Bybit’s logo will be displayed on the Red Bull team car’s front wing.
Confirming the sponsorship deal, the CEO of Oracle Red Bull Racing, Christian Horner said;
“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 exist 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. Allied to that is Bybit’s commitment to enlivening the fan experience in F1 through digital innovation. 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.”
Amongst Formula one teams, Oracle Red Bull is the current one in partnering with a cryptocurrency exchange, however, Crypto.com ranked as the very first exchange that inked such a partnership with an F1 side when it inked a sponsorship deal with Aston Martin back in March 2021.