Hello HODLers and Formula 1 fans,
The crypto exchange Bybit has signed a deal with Formula 1 team Oracle Red Bull Racing! This is a three-year sponsorship deal, reportedly worth $150 million!
Here is the Official announcement.
As the team said: This amount "represents the single largest per-annum cryptocurrency venture yet seen in international sport"
Bybit will become:
- The Principal Team Partner for the racing team,
- Its exclusive Cryptocurrency Exchange Partner,
- The Team’s Tech Incubator Partner,
- The racing team's Fan Token Issuance Partner, supporting Red Bull Racing in distributing its "growing digital asset collections,"
As RedBull intends to a younger demographic, this is actually not their first deal with a cryptocurrency company.
In 2021 the team announced a partnership with Tezos to produce original non-fungible tokens (NFTs).
These sports deals have truly explosed in 2021 with Crypto.com and FTX at the forefront. Lately, the Superbowl was another occasion to see the push of these Cryptocurrency
As feedbacks on these initiatives have been very popular as FTX's CEO comments prove:
"Everyone we talk to who knows us a little bit, or a lot, or barely, or intimately, this is top of mind for them,"
I expect them to continue and even amplify ! Could we now have "The partnership of the day instead of 'The Hack of the day' :D