Formula One team Red Bull Racing scores a multi-year partnership worth $50 million per annum with crypto exchange Bybit.
Following Red Bull Racing's most recent wins at Formula One (F1), the racing team scores a three-year partnership with Singapore-based crypto trading platform Bybit for $50 million per year. According to the announcement, the fee will be paid in a combination of fiat and BitDAO (BIT) tokens.
The company announced that the partnership aims to broaden the F1 team's fan engagement through its capabilities as a crypto exchange. Bybit will act as an issuer of fan tokens and as a tech incubator for Red Bull Racing as part of the deal. This means that the exchange will help the team distribute its digital asset collections and support its other initiatives, such as developing talent through the Red Bull Technology Campus in Milton Keynes.
A new chapter begins.
— BYBIT (@Bybit_Official) February 16, 2022
Announcing our partnership with 4x World Champions, Oracle Red Bull Racing @RedBullRacing!
A next level partnership #RaceToTheNextLevel #F1 pic.twitter.com/YGbPKtSddY
Red Bull Racing's CEO Christian Horner expressed his excitement for the partnership. According to Horner, Bybit shares the team's "passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo." He is also very delighted with Bybit’s commitment to enhancing the experience of F1 fans through innovations in the digital space.
Following this, Bybit's cofounder and CEO also commented that their crypto exchange team connects with the core values of Red Bull Racing and how they changed the F1 game similarly to how digital assets are disrupting finance. Zhou says that 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."
Related: Man United onboards Tezos as its official Web3 and training kit partner
A week ago, Bybit partnered with ramp service Cabital to offer crypto purchases using Euro (EUR) and British pound sterling (GBP). With this ramp infrastructure, Bybit’s users can purchase crypto within their exchange platform with lower gas fees.
