Leading cryptocurrency exchange Bybit Bybit has sealed a three-year partnership deal worth $150 million with Oracle Red Bull Racing; making the crypto exchange the first-ever principal team partner for Red Bull Racing.
The announcement follows the latest victory by Red Bull Racing in the most dramatic title decider in Formula 1 history with Max Verstappen winning the 2021 Drivers’ Championship on the Abu Dhabi Grand Prix race’s last lap and Red Bull Racing capping the season with 10 pole positions and notching up 11 wins.
The partnership will help Oracle Red Bull Racing grow its fan engagement with Bybit assuming the role of issuing Fan Tokens and tech incubation. As a result, Bybit will support Red Bull with its wide selection of digital assets and also promote STEM careers.
The partnership will see the two collaborate in non-fungible token (NFT) activations, issuance of social tokens, promotion of positive change through sustainability, diversity, financial inclusion, and support for women in blockchain among others.
The partnership funds will be released in form of cash and BIT tokens, which is BitDAO’s native token.
Crypto and sports partnerships
Bybit’s partnership deal with Oracle Red Bull Racing makes it the largest per annum deal between a crypto firm and a sports club. The deal is worth $50 per annum.
Crypto.com recently signed a 20-year deal with NBA worth $700 million to have the Staples Center renamed to Crypto.com Arena. The deal was worth $35 million per annum; meaning it has been overtaken by Bybit’s partnership with Red Bull.
Other huge partnerships involving crypto firms include the 5-years Algorand partnership deal with Drone Racing League that was worth $100 million, the FTX 10-years partnership with TSM that was worth $210 million, and the Crypto.com 5-years partnership with Formula 1 that was worth $100 million.