Bybit signs $150M deal with Red Bull’s F1 team

Leading crypto exchange Bybit and Oracle Red Bull Racing have entered into a multiyear partnership, in which Bybit will assume the role of Principal Team Partner, Invezz learned from a press release.

Biggest per annum deal in history

This is the biggest per annum deal between a crypto exchange and a sports team to date, worth $50 million a year for three years. The partnership fee will be paid in a combination of cash and BIT, BitDAO’s native governance token. Bybit will also function as the team’s exclusive Cryptocurrency Exchange Partner.  

Bybit to serve as fan token issuance and tech incubator partner

The exchange will take on the role of fan token issuance partner and tech incubator partner to help Oracle Red Bull Racing fulfill its mission to grow fan engagement. Bybit will support the team with the distribution of its growing digital asset collections.

Oracle Red Bull Racing Team Principal and CEO Christian Horner said:

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 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. 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.

 Ben Zhou, co-founder and CEO of Bybit added:

Oracle Red Bull Racing’s relentless passion and dauntless resilience inspires us. The team has changed the game in the same way that digital assets have changed the global financial system. As a young exchange we connect with Oracle Red Bull Racing at the core of our values — age doesn’t matter, hierarchy is of no significance, and legacy is not what is passed to you but what you make. Bull or bear, everyone has the opportunity to take financial freedom in their own hands at the dawn of the digital economy. Bybit has found our kindred spirit and the perfect harmony of speed, safety and reliability is everything our users are looking for on our platform. A moment on the track is made possible by tireless work to perfect the chassis, the engine, the craftsmanship, and by the racing drivers’ relentless pursuit for precision and focus in an adrenaline-fuelled game.

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