Red Bull’s F1 Team Scores A $150 Million Sponsorship Deal With Crypto Exchange Bybit

After the Formula One team of energy drink producer Red Bull’s most recent wins, it has successfully signed a multi-year partnership worth $50 million per annum – or $150 million for the total three years – with Singapore-based crypto trading platform Bybit. This multi-year deal marks “the single largest per-annum cryptocurrency venture yet seen in international sport,” the company said in a press release on Wednesday.

Issuer Of Oracle Red Bull Team’s Fan Tokens

Under this agreement, Bybit will join the Oracle Red Bull team as a principal team partner, aiding the F1 team’s fan engagement utilizing its capabilities as a cryptocurrency exchange. Bybit will also be taking the baton on the issuance of fan tokens for the Formula One team, and doubling as a tech incubator for Red Bull Racing as part of the deal. Being their tech incubator partner is a role that entails working on a variegated range of projects from crypto literacy to promoting green technology, the press release told.

Christian Horner, CEO of Red Bull Racing, also delighted on the Bybit collaboration, regarding that “Bybit shares the team’s “passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo.”

Binance: Offering The First F1 Team Fan Token

Crypto firms have been increasingly getting a push into the sports realm’s branding and advertising sector, as crypto sponsorship deals slowly turn into the new thing for sports deals. And while Alpine’s Formula One team may not have grabbed the championship belt in becoming the largest per-annum cryptocurrency venture in sports, it did snatch the win on being the very first racing team on the Binance Fan Token Platform. This latest team-up of the world’s largest crypto exchange’s with the BWT Alpine F1 Team will permit Alpine to turn to Binance to be its official fan token and eSports partner from 2022 onwards. 

Click here to read: Coinbase Enables Easy Cashing Out Of Crypto Sent To Mexicans.

Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

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