Red Bull Racing and Crypto Exchange Bybit Sign Multi-Year Deal
Red Bull Racing (RBR) has announced the cryptocurrency exchange Bybit has become the team’s latest principal partner. The Formula One Racing team that won the Driver’s Championship last year with Max Verstappen, says the deal is the “largest per annum cryptocurrency sports agreement to date.”
The partnership is aimed at strengthening “fan engagement with scope for digital asset creation and social tokens in future,” the announcement stated. For a period of three years, the Singapore-based crypto trading platform Bybit will contribute $50 million a year, paid in a combination of fiat and BitDAO (BIT) tokens.
A new chapter begins.
Announcing our partnership with 4x World Champions, Oracle Red Bull Racing @RedBullRacing!
A next level partnership
#RaceToTheNextLevel #F1 pic.twitter.com/YGbPKtSddY
— BYBIT
(@Bybit_Official) February 16, 2022
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Christian Horner, Oracle RBR’s team principal, 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.”
ByBit will also be RBR’s tech incubator partner, the announcement detailed:
“Bybit will work with the team on a range of crypto-inspired initiatives from crypto-literacy to promoting the growth of green technologies.
The partners will also engage 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.”
Ben Zhou, the co-founder and CEO of Bybit commented:
“As a young platform we connect with Oracle Red Bull Racing at the core of our values. Age doesn’t matter, hierarchy is of no significance, and legacy is not what is passed to you but what you make.”
Bybit will help RBR distribute its “growing digital asset collections” as a fan token issuance partner, which makes it likely that the Formula One racing team will soon issue a fan-based token.
The announcement hints that at some point in time, Red Bull Racing could issue a crypto asset fan-based token with help from Bybit
Bybit is not the only crypto exchange with a presence in Formula One. In September 2021, FTX inked a partnership with the Mercedes-AMG Petronas F1 team. The McLaren Racing Team is currently tied with cryptocurrency exchange Bitci.com.
First reported on iGaming.org in November of 2021, Red Bull Racing and PokerStars signed a huge deal on the gaming and entertainment front.
The post Red Bull Racing and Crypto Exchange Bybit Sign Multi-Year Deal appeared first on iGaming.org.
Source: igaming
