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Red Bull’s Max Verstappen won the F1 title in 2021
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The record-breaking deal will also see Bybit work with Red Bull Racing on fan tokens and blockchain education programs.
Bybit has announced a multi-year sponsorship deal with Oracle Red Bull Racing, becoming the Formula One team’s first-ever ‘Principal Team Partner’.
ByBit also becomes the F1 team’s official ‘Cryptocurrency Exchange Partner’ and will help further several collaborations that promote fan engagement and crypto adoption.
The deal will see Bybit pour $50 million per year for three years into the sponsorship with Red Bull Racing, bringing the multi-year layout to $150 million. According to a statement from the partners, the record-breaking deal will be paid in both cash crypto (BitDAO’s governance token BIT).
Bybit’s deal with Redbull comes hot on the heels of a most dramatic title-deciding race for the racing team’s Max Verstappen. The 2021 F1 champion won the Abu Dhabi Grand Prix on the last lap of the last race of the season, capping Redbull’s 11 wins and 10 pole positions season in style.
Ben Zhou, co-founder and CEO of Bybit said:
“Oracle Red Bull Racing’s unique energy and creativity inspires us. The team has changed the game in the same way that digital assets have changed the global financial system.”
The partnership will include collaborations of projects that involve NFT activations, issuance of social tokens, and the promotion of blockchain technology education and adoption for positive change and financial inclusion.
The two partners will also work to promote and support women in blockchain, according to a press release published on 16 February.
Biggest sports crypto-related deal?
The three-year deal is currently the largest per annum of all the sports deals sealed by crypto companies date.
For comparison, Crypto.com’s mega $700 million naming rights deal for the Staples Center (now Crypto.com Arena) involves $35 million per annum over 20 years.
Algorand’s $100 million deal with Drone Racing League will see $25 million invested per year over 5 years.