Bybit Becomes Red Bull Partner

Oracle Red Bull Racing has announced Bybit as its first-ever principal team partner ahead of the start of the 2022 Formula 1 World Championship season.

The cryptocurrency exchange platform has signed a wide-ranging, multi-year agreement with the team, acting also as its exclusive cryptocurrency exchange partner and tech incubator partner. Bybit will also take on the role of fan token issuance partner, through which it will support the Red Bull team with the distribution of its digital asset collections and also involve Bybit in education about the digital economy and its possibilities.

Financial details were not revealed, although the two parties said the agreement “represents the single largest per-annum cryptocurrency venture yet seen in international sport”.

Christian Horner, Red Bull’s Team Principal and Chief Executive, said, “I’m delighted to welcome Bybit to the team. 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.”

Bybit, which was founded in 2018, boasts more than six million registered users worldwide. Through its role as tech incubator partner, Bybit will work with the team on a range of crypto-inspired initiatives from crypto-literacy to promoting the growth of green technologies.

Ben Zhou, Co-Founder and Chief Executive of Bybit, said, “As a young platform we connect with Oracle Red Bull Racing at the core of our values — age doesn’t matter, hierarchy is of no significance, and legacy is not what is passed to you but what you make.”

Image: Oracle Red Bull Racing