Bybit signs multi-year partnership with Red Bull Racing
Deal is said to be the "largest per annum cryptocurrency sports agreement to date”
Cryptocurrency trading platform Bybit has signed a multi-year deal with Formula 1 (F1) racing team Red Bull Racing as a principal team partner. The deal has been dubbed the “largest per annum cryptocurrency sports agreement to date”.
The partnership, which is said to be worth $50m (£36.88m) a year, has the aim of increasing fan engagement, and potentially implementing digital assets and crypto social tokens in the future.
First principal partner for Red Bull Racing
Bybit was established in 2018 and now has over six million registered users worldwide. Bybit being named the principal team partner is “the first time such a partnership level has been created” for the Red Bull team.
The crypto trading platform has been named the exclusive cryptocurrency exchange partner for Red Bull Racing. Bybit will also become Red Bull Racing’s Tech Incubator Partner, and will help to “drive innovation through development of green technologies and focus on sustainability and inclusion programmes”.
This will also see Bybit working on crypto literacy and the “promotion of sustainability, diversity, Science, Technology, Engineering, and Mathematics (STEM) careers and recognition and support for women in blockchain.”
Additionally, Bybit will take on the role of Fan Token issuance partner, which will “give Bybit the scope, as a cryptocurrency trading platform, to support the Team with the distribution of its growing digital asset collections.”
Bybit and Red Bull Racing said their core ethoses align, as both wish to support the next level of innovation, talent and technology development, as can be seen from Red Bull Racing expanding its technology campus in Milton Keynes.
“Bull or bear, everyone has the opportunity”
Christian Horner, CEO and Red Bull Racing team principal, said: “I’m delighted to welcome Bybit to the Team. It’s fitting too that, as we enter a new generation of competition of F1 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 F1 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.”
Ben Zhou, co-founder and CEO of Bybit, said: “Oracle Red Bull Racing’s unique energy and creativity inspires us. The team has changed the game in the same way that digital assets have changed the global financial system. As a young platform we connect with Oracle Red Bull Racing at the core of our values – age doesn’t matter, hierarchy is of no significance, and legacy is not what is passed to you but what you make.
“Bull or bear, everyone has the opportunity to take financial freedom in their own hands at the dawn of the digital economy. 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 moment on the track is made possible by tireless work to perfect the chassis, the engine, the craftsmanship, and by the racing drivers’ relentless pursuit for precision and focus in an adrenaline-fueled game.”
