Official details of the partnership weren’t disclosed, but it is reported to be worth $150 million
Oracle Red Bull Racing is lightning fast on the Formula 1 track, but the team is moving just as nimbly in the world of crypto.
One week after news broke that Oracle is Red Bull’s new title sponsor — reportedly worth roughly $500 million— Oracle Red Bull Racing announced “a next-level partnership” with cryptocurrency trading platform Bybit — a principle team partner.
According to ESPN and Reuters, the multi-year partnership with Bybit is “the largest annual crypto deal in international sport” to date, and “an informed source said it was worth $150 million over three years.”
Here are more details from the report:
- Bybit will be the team’s exclusive cryptocurrency exchange partner
- Red Bull will look to increase fan engagement by issuing “fan tokens” in addition to other digital assets
- Both sides will work on promoting crypto literacy, diversity, STEM careers, sustainability and green technologies, and will support women in blockchain.
This has been a string of undeniable victories for Oracle Red Bull Racing — a nice change of pace after Max Verstappen’s controversial win over Lewis Hamilton for the 2021 F1 championship at the Abu Dhabi Grand Prix in December. The result sparked a formal investigation into F1 race director Michael Masi and his handling of the Abu Dhabi Grand Prix debacle. Masi was “removed from his position” on Thursday.