The Singapore-based crypto exchange will be joining forces with a top F1 racing team, sponsored by the world-famous energy drink Red Bull.
With sports marching into the blockchain industry, several teams have made partnerships with some of the largest players in crypto. In fact, this particular partnership between Bybit and Red Bull Racing is said to be the most expensive one yet.
According to the official announcement by Red Bull Racing, Bybit will become the Principal Team Partner of Oracle Red Bull Racing in order to increase brand awareness, and increase engagement with fans via NFTs and tokens.
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Bybit will also assume the role of the Tech Incubator Partner that will focus on developing environment-friendly and sustainable technologies, with a goal to include more people into the crypto industry.
Christian Horner, who is the Red Bull Racing Team’s CEO, spoke on the partnership, stating:
"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."
With both companies working side by side, Bybit will be responsible for creating and distributing digital assets, alongside educating fans on the digital asset economy and finances, while the Oracle Red Bull Racing team will strive for bringing awareness to car sports and cryptocurrency education, as well as building up fan engagement.
In late December of 2021, Ferarri signed a partnership deal with a blockchain startup Velas in order to bring awareness to digital assets and drive fan engagement via NFTs.