Red Bull Racing sign $150m sponsorship deal with Bybit
Paid over the next 3 years
F1 team Oracle Red Bull Racing has signed a sponsorship deal worth $150m over three years with crypto exchange Bybit.
According to the announcement, Bybit will work with the team on a range of activities as well as becoming its exclusive Cryptocurrency Exchange Partner and Tech Incubator Partner. To expand the teams' mission to grow fan engagement, Bybit will also issue fan tokens in the future.
This means the exchange will help the team distribute its digital asset collections and support other initiatives, including supporting the next level of talent through the Red Bull Technology Campus in Milton Keynes.
Oracle Red Bull Racing CEO Christian Horner explained the deal, saying, “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. Allied to that is Bybit’s commitment to enlivening the fan experience in F1 through digital innovation.”
The Bybit deal comes just a week after Red Bull Racing announced software giant Oracle as their title sponsor last Wednesday, in a deal that was rumoured to be worth $300 million over the next five years.
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