Bybit announced a historic three-year agreement with Formula1 four-time world champions, Red Bull Racing.
It is a significant partnership in the world of motorsport. After signing a $500 million deal with software company Oracle last week, Red Bull Racing has announced a partnership with Singaporean exchange Bybit.
🏁 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
Bybit signed a $50 million per annum deal with the top-rated Formula 1 team. The company revealed that the partnership aims to increase fan engagement with the F1 team through its capabilities as a cryptocurrency exchange. Bybit will act as a fan token issuer and technology incubator for Red Bull Racing as part of the deal. This means the exchange will help the team distribute its collections of digital assets and support its other initiatives, such as developing talent at Red Bull’s technology campus in Milton Keynes.
The partners are also committed to promoting sustainable diversity and supporting the role of women in the blockchain world. On the racing side, Red Bull Racing’s car’s and team kits will feature Bybit’s logo in several different places, alongside other partners such as Oracle, Citrix, Mobil, and the Tezos (XTZ) blockchain.
The collaboration will also allow Red Bull Racing to sharpen its bond with its fans, as Bybit will be responsible for developing the motor racing team’s fan token, in addition to upcoming non-fungible tokens (NFTs). After the news, Bytbit Token (BIT) rose more than 5% and currently trading at $1.732.
Recently Blockchain platform Tezos entered into a multi-year partnership agreement with Premier League football club Manchester United. Socios.com also scored big by becoming a fan token partner of UEFA’s Club Competition, including UEFA Champion League & UEFA Europa League.
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