Bybit signs partnership with Oracle Red Bull Racing F1 team

On February 16, the crypto exchange Bybit and the Oracle Red Bull Racing team signed a partnership. The parties plan to collaborate in online and offline spheres: create tokens, promote the digital economy, and jointly implement green technologies.

The collaboration should broaden Oracle Red Bull Racing’s ability to engage with fans: Bybit will help issue and distribute fan tokens and become a partner in the technology incubator. The exchange will also support the team in developing STEM and IT capabilities.

Bybit’s main objective is to reach the next level of innovation and technology, in line with Oracle Red Bull Racing’s ambitions to develop and expand the Red Bull Technology Campus in Milton Keynes, United Kingdom.

The exchange will make payments under the agreement using cash and BIT — the governance token of BitDAO.

BitDAO is one of the largest decentralized autonomous organizations with a $1.2 billion market capitalization at the time of publication. BIT holders vote on proposals to develop technologies for the digital economy: new ways of collaboration, interaction, and deal-making.

The head of Oracle Red Bull Racing noted the similarity of the two companies’ outlooks.

“I am delighted to welcome Bybit to our team. As we enter the 2022 F1 season with a revolutionary philosophy of racing, it is also at the forefront of technology. Bybit shares the team’s desire to stay ahead in technological innovation, set the pace, and push back against the status quo. In this spirit — the desire to enliven the Formula 1 fan experience through digital innovation. Bybit will help us with the key mission: to create a deeper, more engaging, and unique bond between the team and fans around the world,” — comments Christian Horner, CEO of Oracle Red Bull Racing Team.

Co-founder and CEO of Bybit, Ben Zhou, explained what he likes about the Oracle Red Bull Racing team.

“We are inspired by the energy and creativity of Oracle Red Bull Racing. This team has changed the game as radically as digital assets have transformed the global financial system. We are a young platform, and the alliance with RBR is a tribute to our ideals: age doesn’t matter, hierarchy doesn’t matter, heritage is not something you get for nothing, but something you create yourself. Everyone has the opportunity to take financial freedom into their own hands at the dawn of the digital economy,” he explains.

In addition to Oracle Red Bull Racing, the crypto exchange Bybit collaborates with e-sports teams Natus Vincere, Alliance, Astralis and Virtus.pro, German club Borussia Dortmund, and Japanese Avispa Fukuoka.

Earlier in January, Bybit launched the P2P trading service with support for the ruble and hryvnia.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.