Singapore-based cryptocurrency exchange Bybt has signed the “largest per annum deal of crypto’s foray into sports to date” with Red Bull in a collaboration worth $50 million per annum.
According to a press release shared with CryptoGlobe, the multi-year agreement will see Bybit become the “principal team partner” of Oracle Red Bull Racing, below only the title sponsor Oracle, which signed a long-term deal with the team.
As part of the deal, Bybit’s logos will be prominently featured on the RB18, including the front wing and rear wing. Bybit is a cryptocurrency exchange established in March 2018 that now has over six million users throughout the world.
The collaboration, according to the press release, will expand Oracle Red Bull Racing’s “mission to grow fan engagement” as Bybit will be “taking on the role of Fan Token Issuance Partner and Tech Incubator Partner.”
The exchange is set to support the Oracle Red Bull Racing team with the “distribution of its growing digital asset collections” and to engage with “promoting STEM careers and introducing coding to new audiences.”
Oracle Red Bull Racing team principal and CEO Christian Horner was quoted saying:
- 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 exists at the cutting edge of technology.
The partnership fee, the document adds, will be paid in a combination of cash and $BIT, the native governance token of BitDAO. BitDAO was described as one of the “world’s largest” decentralized autonomous organizations (DAOs) that allows BIT holders to “vote on proposals to foster technologies that present entirely new ways for people to work, engage, and transact together.”
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Featured image via Unsplash
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