This Formula 1 team announces a new crypto partnership2 min read
The Formula 1 team “Oracle Red Bull Racing” is according to the press release entered into a far-reaching partnership with the crypto exchange Bybit. The multi-year agreement represents one of the largest cryptocurrency projects in international esports ever.
Bybit was founded in March 2018 and has grown exponentially over the past four years. The number of registered users has now risen to around six million. The new agreement sees Bybit collaborating with the team across a wide range of its activities. In addition to its status as Principal Team Partner, the crypto exchange will collaborate with the Red Bull team in other functions.
For example, one of these functions will be the role of the so-called Tech Incubator. Bybit and Red Bull Racing will be working on a number of crypto-inspired initiatives. These are said to range from crypto education to promoting the growth of green technologies. The partners will also be committed to promoting sustainability, diversity, STEM careers, recognizing and supporting women on the blockchain, and introducing new audiences to the crypto space.
Bybit issues special fan tokens
Bybit will also act as a fan token issuer for Red Bull Racing as part of the agreement. This means the exchange will help the team distribute its digital collections and support its other initiatives, such as developing talent through the Red Bull Technology Campus in Milton Keynes.
In the past Formula 1 season, the Dutchman Max Verstappen won the world championship for the team, only it was still called Red Bull Honda back then. The three-year partnership with Singapore-based crypto trading platform Bybit has been inked for $50 million per year. According to the press release, the fee will be paid in a combination of fiat and BitDAO (BIT) tokens. In Germany, the Exchange has also appeared as a partner of Borussia Dortmund.