Following a 3-year deal, Singapore-based crypto belongings buying and selling platform Bybit has change into the Principal Team Partner for Oracle Red Bull Racing, one of the crucial profitable Formula 1 groups.
As announced by Red Bull, the deal is value $50 million yearly and can be paid in money and the buying and selling platform’s native token, the BitDAO (BIT) tokens.
Bybit will type a significant a part of the Red Bull innovation workforce and assist champion a number of initiatives in two main methods, solely because the Cryptocurrency Exchange Partner and because the Team’s Tech Incubator Partner. Bybit will help in coordinating “a range of crypto-inspired initiatives from crypto-literacy to promoting the growth of green technologies.”
Both Bybit and Red Bull can even be engaged within the “promotion of sustainability, diversity, STEM careers and recognition and support for women in blockchain as well as to introduce coding to new audiences.”
“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 exists 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,” stated Oracle Red Bull Racing Team Principal and CEO Christian Horner.
Bybit will assist the workforce in creating and distributing its fan tokens. As the tech incubator, Bybit can even be tasked with managing the workforce’s Non-Fungible Token (NFT) collections.
It just isn’t unusual to discover a digital belongings buying and selling platform inking a sponsorship deal with a Formula 1 workforce. Crypto.com was the primary digital belongings trade service supplier to ink a associated deal with an F1 workforce when it secured a sponsorship deal with Aston Martin final yr. The embrace of racing sports activities groups is rising because the go-to technique to push crypto’s publicity into the worldwide limelight.
Image supply: Bybit