Bybit, a major cryptocurrency exchange, has signed a multi-year deal with Formula One team Red Bull Racing. This sponsorship will grant $50 million each year.
It’s been a successful season for Red Bull Racing in Formula One (F1), which has seen many wins. Accordingly, the racing team has signed a three-year deal with the well-known platform Bybit, which will pay the team $50 million annually. According to the release, a mix of fiat currency and BitDAO (BIT) tokens would be used to pay the fee.
As announced by the company, the agreement intends to increase the F1 team’s fan interaction by acting as a crypto exchange. As part of the partnership, Bybit will issue Red Bull Racing fan tokens and serve as a technology incubator. In addition, the exchange will support digital asset distribution and other activities, such as talent development via the Red Bull Technology Campus in Milton Keynes.
🏁 A new chapter begins.
📣 Announcing our partnership with 4x World Champions, Oracle Red Bull Racing @RedBullRacing!
🏎 A next level partnership 💪 #RaceToTheNextLevel #F1 pic.twitter.com/YGbPKtSddY
— BYBIT 🦍 (@Bybit_Official) February 16, 2022
The Core Goal Of This Partnership
Christian Horner, CEO of Red Bull Racing, stated his enthusiasm for the collaboration. Horner claims that Bybit shares the team’s desire to exist at the forefront of technical innovation. Moreover, they want to set the competitive tempo and disrupt the existing status quo. In addition, Horner appreciates Bybit’s dedication to improving the F1 fan experience via digital technologies such as cryptocurrencies and blockchain.
As a result, Bybit’s co-founder and CEO said that their cryptocurrency exchange team has a connection with the essential principles of Red Bull Racing. Furthermore, the CEO of Bybit added a comparison to illustrate the transformation of F1. The way they have transformed the F1 game is similar to how digital assets are changing the banking industry. He claims that Bybit has discovered a like-minded soul. In addition, he notes that the ideal balance of speed, authenticity, and security is everything users are searching for on their platform.
As per the record, Bybit announced a partnership with ramp provider Cabital last week. This partnership facilitates cryptocurrency purchases in Euro (EUR) and British pound sterling (GBP). As a result of the ramp infrastructure, Bybit’s customers will acquire cryptocurrency on their exchange platform with decreased gas fees.