Red Bull Racing has entered a US$150 million partnership with cryptocurrency exchange platform Bybit, claimed to be largest per annum crypto venture in international sport. While the figure is yet to be made official, the deal is set to hold for three years.
Red Bull Enters Crypto Big League
Bybit will become the Red Bull team’s exclusive and principal cryptocurrency exchange partner. Red Bull’s media release proclaims it to be “the single largest per-annum cryptocurrency venture yet seen in international sport”.
Bybit is set to join the racing team to promote “crypto-literacy” and green technology growth. Beyond branding on the team’s vehicles, Bybit will also become Red Bull’s fan token issuance partner. The team’s CEO Christian Horner states Red Bull intends to “[enliven] the fan experience in F1 through digital innovation”.
This news comes only weeks after the announcement that tech giant Oracle had signed a title deal with Red Bull Racing worth US$695 million.
Crypto Shells Out on Sports Sponsorships
Oracle Red Bull is not the first team to agree to a million-dollar deal. Earlier this month, English Premier League football team Manchester United signed a US$27 million per annum deal with blockchain platform Tezos.
Meanwhile, last month the Australian Football League struck a five-year deal with crypto.com for A$25 million. The deal will cover both the men’s and women’s competitions, a move inspired by Australian women’s higher-than-average willingness to take up crypto.
By Lauren Claxton, Crypto News Guest Author