Bybit joins as Red Bull’s Principal Team Partner.
Oracle Red Bull Racing have announced a multi-year deal with cryptocurrency exchange platform Bybit. The reported US$150 million deal is quoted as ‘the single largest per-annum cryptocurrency venture yet seen in international sport’.
Along with being Principal Team Partner, Bybit will also serve as the team’s exclusive Cryptocurrency Exchange Partner and the team’s Tech Incubator Partner. The latter will see Bybit work on a range of crypto-inspired initiatives to promote the growth of green technology. They will also collaborate on promoting sustainability, diversity, science, technology, engineering, and mathematics (STEM) careers, as well as recognition and support for women in blockchain, and to introduce coding to new audiences.
Bybit will also act as the team’s Fan Token Issuance Partner and work with Red Bull on multiple fan engagement activities. Additionally, the Bybit logo will also be visible on the front wing of the Red Bull car for the upcoming season.
Christian Horner, CEO and Team Principal, Oracle Red Bull Racing, commented:
“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, said:
“Oracle Red Bull Racing’s unique energy and creativity inspires us. The team has changed the game in the same way that digital assets have changed the global financial system. As a young platform 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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