Mysten Labs’ Sui network partners with F1 Red Bull racing team

June 1, 2023 Coin Telegraph

Business

The Red Bull team signed a $150 million sponsorship deal with crypto exchange Bybit in 2022 ahead of the market crash and major bankruptcies in the space.

The Sui network, backed by Mysten Labs, has announced a multiyear partnership with the Red Bull Formula One Racing team less than a month after the blockchain’s mainnet went live.

In a June 1 announcement, Sui said it would be the official blockchain partner of the racing team, scheduled to compete in Spain on June 4. Greg Siourounis, managing director of the Sui Foundation, said the partnership was aimed at “demonstrat[ing] how web3 enables human connections,” while the announcement suggested “immersive digital experiences” for fans in the coming months.

Huge news: We’re officially teaming up with @redbullracing!

As the team’s Official Blockchain Partner, this multi-year partnership means that fans will have even more exciting ways to connect with Oracle Red Bull Racing. ️ pic.twitter.com/7Gw8mbT3XH
— Sui (@SuiNetwork) June 1, 2023

Mysten Labs stepped up work on the Sui network following Meta shutting down its Diem project in 2022. The network, based on Rust-based programming language Move, went live on May 3, prompting major crypto exchange Binance to start offering trading pairs for the SUI token.

In 2022, the Red Bull Formula One Racing team signed a $150-million sponsorship deal with crypto exchange Bybit. However, the racing division of luxury car manufacturer Ferrari announced in January its Formula One team had cut ties with Velas Blockchain and chip manufacturing firm Snapdragon.

Magazine: Billions are spent marketing crypto to sports fans — Is it worth it?

NFT rides shotgun as Red Bull Racing closes out F1 season

November 17, 2022 Coin Telegraph

abu dhabi

Red Bull Racing will close out a successful Formula 1 season with an NFT emblazoned on both drivers’ vehicles at the Abu Dhabi Grand Prix.

Cryptocurrency and blockchain technology firms continue to feature in the world of Formula 1, with a nonfungible token (NFT) making its mark on Red Bull Racing’s vehicles to close out the 2022 calendar.

Red Bull Racing dominated the F1 season, topping the constructors’ standings, while Max Verstappen closed out the drivers’ standings for a second consecutive season. With the curtain closing on 2022’s race schedule in Abu Dhabi on Nov. 20, the team’s cars will feature an NFT on their livery in what is being called a first in F1.

Red Bull Racing struck a deal with cryptocurrency exchange ByBit as a Principal Team Partner in February 2022, one of a handful of cryptocurrency firms sponsoring teams in Formula 1. The exchange’s logo will feature alongside Lei the Lightning Azuki, an NFT artwork and character from the anime-inspired Azuki collection.

The original Lei Azuki NFT is one of 10,000 NFTs from the collection. The #8494 is currently listed on OpenSea and is valued at around 9 Wrapped Ether (wETH), or $11,100 at the time of writing.

Red Bull Racing’s Lei the Lightning Azuki will be a limited edition version of #8494 and is set to be minted on the Tezos blockchain and available through ByBit’s NFT marketplace.

A statement from Red Bulls Racing’s team principal, Christian Horner, highlighted the ongoing exploration of Web3 use cases through the partnership in the sporting world

“In many ways, it’s been an eye opener for us to the vast opportunities Web3 has to offer. This unique project is the perfect combination of creativity, innovation, and passion which matches our ethos on the track.”

The sport of Formula 1 has been a big proponent of the cryptocurrency space. Crypto.com signed a major sponsorship deal in June 2021 as its official cryptocurrency and NFT partner. Fan token blockchain platform Chiliz has also partnered with a handful of F1 teams over the past two years.

McLaren became the first team to carry out a ‘livery takeover’ with their main sponsor OKX in 2022. Cointelegraph had an exclusive interview with Australian driver Daniel Ricciardo about the partnership at Token2049 in Singapore in October 2022.

Formula 1 also filed a number of trademark applications in October 2022 that suggest that the organization is looking to take full control of the intellectual property in the wider cryptocurrency space.

Red Bull Racing Partners With Bybit, F1 Team Says It’s the ‘Largest per Annum Crypto Sports Deal to Date’

February 16, 2022 Bitcoin.com

Red Bull Racing scores $150M sponsorship with Bybit

February 16, 2022 Coin Telegraph

Bybit

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.

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

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."

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.

Red Bull

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