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Bybit Partners with Formula One Team Red Bull Racing in Largest Crypto Sports Deal

UTC by Daria Rud · 3 min read
Bybit Partners with Formula One Team Red Bull Racing in Largest Crypto Sports Deal
Photo: Oracle Red Bull Racing / Twitter

Within the partnership, Bybit exchange will work with Red Bull Racing as the team’s exclusive Cryptocurrency Exchange Partner and as Tech Incubator Partner. In particular, Bybit will initiate crypto-related activities to grow RBR’s fan engagement as well as enhance the growth of greentech.

Bybit, a Singapore-based trading platform for cryptocurrency derivatives, has announced a multi-year partnership with Red Bull Racing (RBR), a Formula One racing team. Worth more than $150 million over a three-year period, the payment will be made in both cash and currency. According to the press release, the partnership aims at bolstering “fan engagement with scope for digital asset creation and social tokens in future.” Besides, the deal represents “the single largest per-annum cryptocurrency venture yet seen in international sport.”

ByBit and Red Bull Racing

Within the partnership, Bybit exchange will work with Red Bull Racing as the team’s exclusive Cryptocurrency Exchange Partner and as Tech Incubator Partner. In particular, Bybit will initiate crypto-related activities to grow RBR’s fan engagement as well as enhance the growth of greentech. Also serving as Fan Token Issuance Partner, Bybit will be in charge of the distribution of the team’s digital asset collection, which means RBR might issue its own digital token.

Christian Horner, Oracle Red Bull Racing Team Principal and CEO, commented:

“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,” added he.

In addition to growing fan engagement, Bybit will also contribute to education about the digital economy and its possibilities.

Bybit is a Singapore-based cryptocurrency derivatives exchange with a wide range of advanced trading tools. Established in March 2018, Bybit has grown exponentially and now boasts more than six million registered users worldwide. Bybit provides offers online spot and derivatives trading services, mining and staking products, as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class.

In January this year, Bybit launched Bybit NFT Marketplace, a non-fungible token (NFT) platform that aims to streamline digital ownership and support the development of blockchain gaming and the metaverse. The Bybit NFT Marketplace also allows users to conduct multi-chain transactions, making it easy for everyone to participate in the NFT, GameFi, and metaverse marketplaces.

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Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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