Red Bull Racing Partners With Bybit, F1 Team Says It's the 'Largest per Annum Crypto Sports Deal to Date'

Red Bull Racing (RBR) has announced the cryptocurrency exchange platform Bybit has joined RBR as a principal team partner. According to the announcement, RBR says the deal is the “largest per annum cryptocurrency sports agreement to date.”

Red Bull Racing and Crypto Exchange Bybit Ink Multi-Year Deal

On February 16, 2022, the Formula One racing team Red Bull Racing (RBR) revealed the firm now has a cryptocurrency-centric principal team partner. RBR has partnered with the exchange Bybit, and the deal is a multi-year agreement that allows Bybit to be a “top tier ally behind Title Partner Oracle.” The announcement notes that the partnership is aimed at bolstering “fan engagement with scope for digital asset creation and social tokens in future.”

Christian Horner, Oracle RBR’s team principal, said the team is delighted to welcome the crypto trading platform. “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 exist at the cutting edge of technology,” Horner said in a statement. “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.

Bybit is not the only crypto exchange that has made a deal with a Formula One (F1) racing team. At the end of September 2021, FTX inked a long-term deal with the Mercedes-AMG Petronas F1 team. FTX said at the time that the partnership with the Mercedes-AMG Petronas F1 team would “span multiple race seasons.” As far as the Bybit and RBR F1 team’s collaboration is concerned, the exchange will also be RBR’s tech incubator partner.

“Bybit will work with the team on a range of crypto-inspired initiatives from crypto-literacy to promoting the growth of green technologies,” RBR’s announcement notes. “The partners will also engage in the promotion of sustainability, diversity, STEM careers and recognition and support for women in blockchain as well as to introduce coding to new audiences.”

The trading platform will help RBR distribute its “growing digital asset collections” as a fan token issuance partner. The announcement hints that at some point in time, Red Bull Racing could issue a crypto asset fan-based token with help from Bybit.

“As a young platform we connect with Oracle Red Bull Racing at the core of our values,” Ben Zhou, the co-founder and CEO of Bybit explained. “Age doesn’t matter, hierarchy is of no significance, and legacy is not what is passed to you but what you make.”