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

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.

Related: SUI mainnet goes live as token sees immediate action on Binance, OKX, others

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?