With the most recent relationship between the Bybit cryptocurrency exchange and Red Bull Racing, the sports industry has witnessed major growth in partnerships with crypto firms.
After being blacklisted in South Africa, Bybit appears to be bouncing back swiftly. Oracle Red Bull Racing has announced multi-year cooperation with cryptocurrency exchange Bybit (RBR). The relationship with the Formula One (F1) champions is the largest international crypto-sports contract to date, valued at $150 million.
About the partnership
The relationship establishes Bybit as the Milton Keynes-based racing team’s official crypto exchange partner, according to a press release from Oracle Red Bull Racing. Bybit is now a Tech Incubator partner for the team.
By issuing ‘fan tokens’ and sharing the team’s digital assets, Bybit will increase RBR’s fan involvement. Bybit and RBR will collaborate as a Tech Incubator to promote crypto-literacy, sustainability, diversity, and women‘s participation in the blockchain industry.
🏁 A new chapter begins.
📣 Announcing our partnership with 4x World Champions, Oracle Red Bull Racing @RedBullRacing!
🏎 A next level partnership 💪 #RaceToTheNextLevel #F1 pic.twitter.com/YGbPKtSddY
— BYBIT 🦍 (@Bybit_Official) February 16, 2022
The relationship comes just a few months after RBR inked a deal with IT giant Oracle to be its official sponsor. Esports also secured a contract with the exchange last year.
Christian Horner, RBR’s CEO and team leader, said the firm was excited to welcome Bybit as a partner. He went on to say that Bybit was a good fit for leading the team to its aim of “being at the forefront of technological innovation.”
This is also a key mission for the Team and Bybit’s assistance will help us build a deeper more immersive and unique connection with the team for fans around the world, Horner said.
For his part, Ben Zhou, co-founder and CEO of Bybit, said the cooperation reflects the crypto exchange’s shared attitude with Oracle Red Bull Racing.
