Bybit becomes sponsor of Red Bull Racing in Formula One

The cryptocurrency exchange Bybit announced a three-year sponsorship deal with the Red Bull Formula One team.

🏁 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 will become the team’s principal partner, to be introduced immediately after the title sponsor, the IT giant Oracle. According to CoinDesk sources, over the next three years the platform will allocate Red Bull $150 million.

Bybit will take on the task of issuing fan tokens, supporting initiatives to raise awareness of digital assets. In addition, the exchange will be a partner of the team in the tech incubator on sustainability and as the exclusive intermediary for cryptocurrency trading.

Earlier in February, Binance announced a partnership with the BWT Alpine Formula One team.

Earlier, the FTX exchange entered into a sponsorship agreement with Mercedes-AMG Petronas, and the blockchain project Velas Network became a premium partner of the legendary Scuderia Ferrari.

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