The Red Bull Formula One team have announced Gate.io as their new cryptocurrency partner on a multi-year deal.
Contract:
- Agreement sees Gate.io become the Milton Keynes-based team’s exclusive crypto exchange partner
- Gate.io branding will feature prominently on the team’s car, including the rear wing, nose and headrest
- Brand will also feature on the driver and pit crew overalls, team kit and Max Verstappen’s helmet
Context:
This is Gate.io’s first partnership in Formula One in a deal that sees it replaces Bybit as Red Bull’s crypto partner. The Bybit pact, signed in February 2022, was reportedly worth US$50 million per year and at the time was touted as the largest single per-annum cryptocurrency sponsorship in international sport. It is unclear whether Gate.io has agreed to comparable terms.
Comment:
“We are very excited to welcome Gate.io to the team,” said Christian Horner, chief executive and team principal of Red Bull Racing.
“Gate.io are a brand that very much share Oracle Red Bull Racing’s passion to exist at the forefront of technological innovation.
“Together, we look forward to building a more immersive and unique connection with the team for fans around the world and to working with a like-minded partner that isn’t afraid to disrupt the status quo.”
Coming next:
Gate.io will be visible on the 2025 Red Bull car for the first time at Formula One’s season launch event at the O2 Arena in London on 18th February.
Go deeper:
- Breaking down F1’s sponsorship portfolio ahead of the 2025 season
- F1 team finances roundup: Is the budget cap working four years in?
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