Red Bull Racing has scored a three-year partnership with Singapore-based crypto trading platform Bybit for $50 million per year.
It has been reported that the fee will be paid in a combination of fiat and BitDAO (BIT) tokens. The company announced that the partnership aims to broaden the F1 team’s fan engagement through its capabilities as a crypto exchange. Bybit will act as an issuer of fan tokens and as a tech incubator for Red Bull Racing as part of the deal.
However, this means that the exchange will help the team distribute its digital asset collections and support its other initiatives, such as developing talent through the Red Bull Technology Campus in Milton Keynes.
Christian Horner, the CEO of Red Bull Racing, has expressed his excitement for the partnership. According to him, 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.” He is also very delighted with Bybit’s commitment to enhancing the experience of F1 fans through innovations in the digital space.
The report said that after this, Bybit co-founder and CEO Ben Zhou also commented that the crypto exchange’s team connects with the core values of Red Bull Racing and how it changed the F1 game similarly to how digital assets are disrupting finance.
Zhou said 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.”
Thus, a week ago, Bybit partnered with ramp service Cabital to offer crypto purchases using the euro and British pound sterling. With this ramp infrastructure, Bybit’s users can purchase crypto within their exchange platform with lower gas fees.