Bybit Inks Multi-Year Deal as Official Tech Partner for Oracle Red Bull Racing

Singapore-based digital assets trading platform, Bybit has inked a 3-year deal with Formula 1 side, Oracle Red Bull Racing as the Principal Team Partner, marking the first of its kind move for the sports team. As announced by Formula 1 side, the deal is worth $50 million annually, the largest of its kind with a digital asset exchange in the world of sports.

Bybit will serve as the tech incubator for the team and will be tasked with helping to drive innovation through the development of green technologies and focus on sustainability and inclusion programs. More specifically, Bybit will work as the exclusive Cryptocurrency Exchange Partner and as the Team’s Tech Incubator Partner. 

Amongst the programs that will be handled include the launch of a fan token for the team includes running its NFT offerings, while also helping to advance STEM-related education, support for women in blockchain as well as introducing coding to new audiences.

“It’s fitting too that, as we enter a new generation of competition of F1 in 2022, with an advanced and potentially game-changing new philosophy of cars taking to the track, that Bybit also exist at the cutting edge of technology. They share the Team’s passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo,” said Christian Horner, Oracle Red Bull Racing CEO, adding that;

“Allied to that is Bybit’s commitment to enlivening the fan experience in F1 through digital innovation. This is also a key mission for the Team and Bybit’s assistance will help us build a deeper more immersive and unique connection with the team for fans around the world.”

The Oracle Red Bull Racing Deal’s Benefits for Bybit

Splashing millions of dollars is a decision that is not taken lightly by trading platforms, especially those who wish to improve their overall global image. While a number of trading platforms dominated the advertisement scene at the last Super Bowl LVI, the popularity of the Oracle Red Bull Racing team as the current titleholder will help publicize Bybit’s brand around the world.

Bybit’s CEO, Ben Zhou said his platform aligns with Oracle Red Bull Racing’s fundamentals and that the exchange will help the team achieve its goals, while also helping everyone to harness the “opportunity to take financial freedom in their own hands at the dawn of the digital economy.”

The new deal solidifies Bybit’s efforts to deepen its foothold in the digital currency ecosystem, a move that is complemented with an earlier partnership secured with Cabital for on-ramp EUR and GBP integration.