Singapore-based cryptocurrency exchange Bybit announced Wednesday that they have closed the deal on a new multi-year partnership with the Formulae 1 racing team Red Bull Racing. The deal is set to establish a three-year partnership that will see $150 million paid to Red Bull Racing in a combination of conventional money and BitDAO tokens.
Bybit Announces Multi-Year Partnership With Formula 1 Red Bull Racing
Bybit said that they have many exciting developments planned for the partnership. These plans include Bybit issuing exclusive fan tokens for Red Bull racing, along with acting as a tech incubator. The partnership seems poised to move into some form of digital asset collections, potentially Red Bull Racing NFTs.
Exchange to Bring Digital Innovation to Red Bull Racing
The CEO of Red Bull Racing, Christian Horner, stated that he is excited about the partnership and the potential for Bybit to enhance the Formula 1 experience for fans through digital innovation. This new partnership comes just a week after Red Bull Racing announced a new title sponsorship with tech firm Oracle. That 5-year deal was valued at $500 million, making it one of the largest sports sponsorship deals in recent memory.
Red Bull Racing is among the most well-known racing teams word wide and is one of two Formula 1 racing teams owned by Red Bull, with the other being Scuderia AlphaTauri. Since their first entry in the 2005 Australian Grand Prix, the team has taken five drivers’ championships and seen 75 race victories. Most recently, Red Bull Racing driver Max Emilian Verstappen took the 2021 Formula One World Championship.
Bybit Continues to Gather New Partnerships
The new partnership comes at an exciting time for Bybit as well. On February 8th, they announced a partnership with fiat-to-crypto intermediary Cabital to provide easier access and reduced gas costs for their customers. These partnerships are just the latest examples of Bybit’s rapid growth.