- Bybit to become team's fan token issuance partner
- Deal follows US$300m title partnership with Oracle
Formula One team Red Bull Racing have announced a new multi-year partnership with cryptocurrency exchange firm Bybit.
The team says the partnership, which Autosport reports is worth US$50 million per year, is 'the single largest per-annum cryptocurrency venture yet seen in international sport'. The deal also sees Bybit secure prime branding on the front wing of Red Bull Racing's 2022 car.
In addition, Bybit will become Red Bull Racing's fan token issuance partner to help the team distribute digital collectibles to its fanbase.
As tech incubator partner, Bybit will work with the team on a range of crypto-inspired initiatives from crypto-literacy to promoting the growth of green technologies. The pair will also engage in the promotion of sustainability, diversity, science, technology, engineering, and mathematics (STEM) careers, as well as recognition and support for women in blockchain, and to introduce coding to new audiences.
The partnership follows a US$300 million deal between Red Bull Racing and Oracle ahead of the 2022 season to help fund the team's operations in its new powertrains division.
"I’m delighted to welcome Bybit to the team," said Christian Horner, chief executive and team principal of Red Bull Racing.
"It’s fitting too that, as we enter a new generation of competition of Formula One 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. Allied to that is Bybit’s commitment to enlivening the fan experience in Formula One through digital innovation. This is also a key mission for the Team and Bybit’s assistance will help us build a deeper more immersive and unique connection with the team for fans around the world."