The cryptocurrency trading platform Bybit became the Principal Team Partner of Oracle Red Bull Racing. The agreement is worth $50 million per annum over three years, bringing the total to $150 million.
According to a document seen by CryptoPotato, the Singapore-based digital asset exchange Bybit shook hands with Red Bull’s Formula 1 team. As a result, the company will serve as the Principal Team Partner of the racing squad. It will also aid Red Bull’s NFT initiatives, promote fan tokens, and provide financial inclusion for women in the blockchain space.
The duration of the agreement is for three years, as Bybit will pay $50 million per annum. This is the largest amount a firm has ever paid for annual sponsorship services in the sports sector. The fee would consist of a combination of cash and BIT – the native token of the platform.
Christian Horner – CEO of Oracle Red Bull Racing – said the collaboration with Bybit matches his company’s desire to develop in the technology industry.
“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,” he added.
Bybit’s Co-Founder and CEO – Ben Zhou – maintained that Red Bull Racing has changed Formula 1 in “the same way that digital assets have changed the global financial system.”
In December last year, Red Bull’s F1 team stepped on the racing throne after Max Verstappen defeated the reigning champion Lewis Hamilton in a contested battle held in Abu Dhabi. This was considered a huge success not only for the racing squad but also for the 24-year-old as he became the first Dutch to win a Formula 1 Grand Prix.
In November 2021, the trading venue struck another deal with a sports organization. Back then, it teamed up with Argentina’s national soccer team to serve as its Global Main Sponsor for all selections in the next two years.
In addition, Leo Messi and his teammates will have Bybit’s logo displayed on their training apparel until November 2023.
Claudio Tapia – President of the Argentine Football Association – described the company as one with a “global presence,” while Zhou praised Argentina as one of the most successful national soccer teams.
“Working with the AFA is one of the easiest decisions we have ever made. Bybit will encourage Argentina in the coming years,” he concluded.