Formula One team Red Bull Racing has signed a multi-year deal with cryptocurrency exchange Bybit worth $50 million per year.
Following Red Bull Racing’s recent Formula One (F1) victories, the racing team has signed a three-year deal worth $50 million per year with Singapore-based crypto trading platform Bybit. The charge will be paid in a combination of fiat and BitDAO (BIT) tokens, according to the release.
The cooperation, according to the company, intends to increase the F1 team’s fan interaction by using its crypto exchange capabilities. As part of the partnership, Bybit will issue fan tokens and serve as a tech incubator for Red Bull Racing. This means that the exchange will aid the team in disseminating its digital asset collections as well as supporting its other efforts, such as the Red Bull Technology Campus in Milton Keynes, which focuses on talent development.
🏁 A new chapter begins.
📣 Announcing our partnership with 4x World Champions, Oracle Red Bull Racing @RedBullRacing!
— BYBIT 🦍 (@Bybit_Official) February 16, 2022
Christian Horner, CEO of Red Bull Racing, stated his enthusiasm for the collaboration. Bybit shares the team’s “desire to exist at the vanguard of technological innovation, to set the competitive pace, and to upset the existing quo,” according to Horner. He is also very pleased with Bybit’s commitment to improving the F1 fan experience through digital advancements.
Following that, Bybit’s cofounder and CEO added that their crypto exchange team is inspired by Red Bull Racing’s basic beliefs and how they disrupted the F1 game in the same way that digital assets are disrupting banking. According to Zhou, “Bybit has discovered our kindred spirit, and the ideal harmony of speed, safety, and reliability is everything our users want on our platform.”
Bybit and Cabital joined a week ago to provide crypto purchases in Euro (EUR) and British pound sterling (GBP) (GBP). Bybit’s users can purchase bitcoin within their exchange platform with lower gas fees thanks to this ramp architecture.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.