A three-year, $150m deal has been signed between four-time world champion Red Bull Racing and the Bybit exchange platform. Bybit’s logo will appear on the RB18 car, which is due to be unveiled later this month, and the platform will be responsible for developing the F1 team’s future non-fungible tokens (NFTs), among other things.
Three-year agreement between Red Bull Racing and Bybit
A major partnership was unveiled in motorsport today. After signing a $500 million deal with software company Oracle last week, Red Bull Racing has announced a partnership with Singaporean exchange platform Bybit.
As part of the new deal, Bybit becomes the team’s exclusive cryptocurrency exchange platform and also becomes its official technology incubator. More precisely, this title means that Bybit will work closely with Red Bull Racing to promote the cryptocurrency ecosystem and green technologies at the same time.
The partners are also committed to promoting sustainability, diversity, and supporting the role of women in the blockchain world.
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
On the racing side, the livery of the Red Bull Racing vehicles will feature the Bybit logo in several different places, alongside other partners such as Oracle, Citrix, Mobil and the blockchain company Tezos (XTZ).
Delivery of the RB18 B-Roll vehicle that will serve for the 2022 season (Source: Red Bull Racing)
The collaboration will also allow Red Bull Racing to further develop its relationship with its fans, as Bybit will be responsible for developing the racing team’s fan token, in addition to the upcoming non-fungible tokens (NFTs).
A partnership at the top
For Christian Horner, Oracle Red Bull Racing team manager, the partnership with Bybit was quickly established in order to remain at the forefront of technological innovation, which is materialized in particular through the world of blockchain:
“As we enter a new generation of F1 competition in 2022, with a new philosophy of advanced, game-changing cars, Bybit is leading the way. The company shares the team’s passion to be at the forefront of technological innovation while setting the pace of competition and disrupting the status quo. “
And for Ben Zhou, his namesake at Bybit, the desire to change the rules of the game is an integral part of this collaboration:
“The [Red Bull Racing] team has turned things around in the same way that cryptocurrencies have changed the global financial system. […] Bybit has found its soul mate and a perfect harmony of speed, security and reliability: everything our users are looking for in our platform. “
Red Bull is not an isolated case, with partnerships between motorsport and blockchain multiplying exponentially, such as the one between FTX and the Mercedes-AMG Petronas F1 team last September, or more recently the one between Crypto.com and the F1 Grand Prix of Miami.
