After Red Bull Racing’s most recent wins at Formula 1 (F1), the racing team gained a 3-year partnership with Singapore-based cryptocurrency trading platform Bybit for $50 million annually. Based on the announcement, the fee will get paid in a combination of fiat and BitDAO (BIT) tokens.
Formula 1 team Red Bull Racing got the multi-year partnership deal with Bybit as the crypto firm strives to acquire more market reach.
The firm said that the partnership strives to widen the F1 team’s fan engagement via its capabilities as a cryptocurrency exchange. In that context, Bybit will work as the issuer of the fan tokens and as a tech incubator for Red Bull Racing as part of this deal.
It means that the exchange will enable the team to distribute its digital asset collections and even support its other endeavors, like developing talent via the Red Bull Technology Campus in Milton Keynes.
🏁 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
Christian Horner, the Red Bull Racing CEO, expressed lots of excitement for the new partnership. He said:
“Bybit shares the team’s passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo.”
Moreover, he is delighted with Bybit’s commitment to enhancing the experience of F1 fans via innovations in the digital space. After that, Bybit’s co-founder and CEO Ben Zhou also commented that the cryptocurrency exchange’s team links with the integral values of Red Bull Racing and the way it changed the F1 game similarly to the way digital assets are disrupting finance.
Zhou stated that Bybit has:
“Found our kindred spirit and the perfect harmony of speed, safety and reliability is everything our users are looking for on our platform.”
About a week ago, Bybit partnered with ramp service Cabital to provide crypto purchasing services using the euro and British sterling pound. With that ramp infrastructure, Bybit’s users can acquire crypto within their exchange platform with lower gas fees.
