Singapore-based cryptocurrency trading platform Bybit became the Principal Team Partner of Oracle Red Bull Racing. The sponsorship agreement is worth $50 million per year for three years, bringing the payout to $150 million.
Bybit Buys Into The Formula 1™ World
According to a document seen by CryptoPotato, the digital asset exchange Bybit reached a sponsorship agreement with Red Bull’s Formula 1™ team. As a result, Bybit will serve as the Principal Team Partner of the race team. Bybit will also assist Red Bull’s NFT initiatives and promote fan tokens.
The duration of the agreement is for three years, totaling $150 million. It becomes the largest amount a crypto company has ever paid for a sponsorship deal in the sports market. Bybit’s investment will consist of a combination of cash and BIT – the native token of the platform.
Oracle Red Bull Racing CEO Christian Horner said the collaboration with Bybit matches his company’s desire to be at the cutting edge in technology development.
“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,” he added.
Ben Zhou, the Co-Founder and CEO of Bybit maintained that Red Bull Racing has changed Formula 1™ in “the same way that digital assets have changed the global financial system.”
In December, Red Bull’s F1™ team reached the pinnacle of Formula 1™ after Max Verstappen defeated the reigning series champion Lewis Hamilton on a last lap pass at the race held in Abu Dhabi. This was a huge accomplishment, not only for the race team, but also for Verstappen as the 24-year-old became the first Dutch driver to win a Formula 1™ championship.
Red Bull Not Bybit’s First Sports Deal
The Red Bull sponsorship is not Bybit’s first venture into sports. In November, the crypto platform teamed up with Argentina’s national football team to serve as its Global Main Sponsor for all selections over the next two years. In addition, Leo Messi and his teammates will display Bybit’s logo on their training apparel through November 2023.
Claudio Tapia – President of the Argentine Football Association – described the company as one with a “global presence,” while Zhou praised Argentina as one of the most successful national football teams.
“Working with the AFA is one of the easiest decisions we have ever made. Bybit will encourage Argentina in the coming years,” he concluded.
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