Bybit Exchange Signs a Multi-Million Dollar Deal With Red Bull Racing

Bybit signs a multi-year global partnership with Oracle Red Bull Racing as its first-ever Principal Team Partner. The announcement comes just when Red Bull Racing is still basking in the euphoria of its latest victory where Max Verstappen won the 2021 Drivers’ Championship.

Bybit claims that this is the largest per annum deal ever recorded between a crypto project and a sports brand. The collaboration is expected to last for three years and will see Bybit get a whopping $50 million per annum. Bybit will now act as the exclusive cryptocurrency exchange partner of Oracle Red Bull Racing.

The collaborations will include NFT activations, social tokens, encouraging positive change through sustainability, diversity, financial inclusion, and blockchain support for women, among other things.

Bybit will also support the next level of innovation, talent, and technology development of the brand. This will accelerate Oracle Red Bull Racing’s own ambitions as the team develops and expands their Red Bull Technology Campus in Milton Keynes.

Accordingly, the partnership fee will be paid in a combination of cash and BIT, BitDAO’s native governance token. In turn, it will allow BIT token holders to vote on proposals to foster technologies that present different ways for people to work, engage, and transact together.

Bybit will take on the role of Fan Token Issuance Partner and Tech Incubator Partner as the alliance will also expand Oracle Red Bull Racing’s mission to grow fan engagement. The CEO of both brands also expressed their delight with the partnership as it will enable them to change the game in their respective worlds.

In other words, Bybit aspires to be a force for change in the financial world, similar to how Red Bull Racing has defied expectations and revolutionized the game in Formula One.