Red Bull Racing locks $150M sponsorship with Singaporean crypto exchange, Bybit
After Red Bull Racing’s most recent victory at Formula One (F1), the racing team has secured a three-year partnership with Singapore’s Bybit at $50 million per year.
According to the official announcement, the annual fee would be paid in a combination of fiat and BitDAO (BIT) tokens.
The company has announced that the partnership is aimed at broadening the F1 team’s fan engagement by its capabilities as a crypto exchange. According to the deal, Bybit would act as an issuer of fan tokens as well as the tech incubator for Red Bull Racing. This indicates that the crypto exchange would help the team in distributing its digital asset collections and supporting its other initiatives, like developing talent through the Red Bull Technology Campus in Milton Keynes.
CEO of Red Bull Racing, Christian Horner, has expressed his excitement for the partnership. According to Horner, the Singaporean crypto exchange platform, Bybit shares the team’s “passion for existing at the forefront of technological innovation” besides setting the competitive pace and disrupting the status quo.
Horner is also very delighted with Bybit’s commitment to enhance the experience of F1 fans with the help of upcoming innovations in the digital space.
Following this, Bybit’s cofounder and CEO, Ben Zhou, has also commented that their crypto exchange team is deeply connected with the core values of Red Bull Racing and that they have significantly changed the F1 game similarly to how digital assets are currently disrupting finance.
Zhou added that Bybit had found its “kindred spirit” and “the perfect harmony of speed, safety and reliability” that their users have been looking for on their platform.
Last week, Bybit hit the headlines for its partnership with ramp service Cabital for offering crypto purchases using Euro (EUR) and British pound sterling (GBP). With this ramp infrastructure, the crypto exchange’s users would be able to purchase crypto within their exchange platform at lower gas fees.