Red Bull’s Formula 1 team strikes $150M multi-year deal with Bybit

Singapore-based cryptocurrency exchange Bybit announced Wednesday that it has struck a multi-year sponsorship deal with the Formula 1 team of energy drink maker Red Bull.

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 $50 million-a-year deal had made Bybit the ‘Principal Team Partner’ of the team for at least three years. Per the announcement, the multi-year agreement “represents the single largest per-annum cryptocurrency venture yet seen in international sport.”

The crypto exchange has been made the Tech Incubator Partner, where Bybit will work with the team on “a range of crypto-inspired initiatives from crypto-literacy to promoting the growth of green technologies.” Bybit will issue fan tokens to boost the team engagement with fans.

Ben Zhou, co-founder and CEO of Bybit, said in the press release:

“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.”

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