Red Bull has signed a multi-year partnership with cryptocurrency exchange Bybit in what the Formula One team says is the largest annual crypto deal in international sports to date.
The Milton Keynes-based team did not disclose the contract value in their statement released on Wednesday but a source informed said it is worth $150 million over three years with Bybit becoming the “team main partner”, a new level was established only after “title partner.”
The Bybit deal comes after Red Bull revealed software giant Oracle as its main sponsor last week in a deal source told Reuters worth $300 million over five years.
The Associated Press reported the deal is being worked on worth nearly 500 million dollars in the same time period.
The two add up to $110 million a year, which includes a significant portion of team spending, especially given the budget cap written in Formula One’s rules for the 2022 season of 140 million. dollars before tightening to $135 million from 2023 onwards.
The deal with Red Bull means Bybit, which was founded in March 2018 and has over six million registered users worldwide, becomes the group’s exclusive cryptocurrency exchange partner.
It will also help Red Bull increase fan engagement through the issuance of ‘fan tokens’ and distribution of the group’s growing collection of digital assets.
The two sides will also work together to promote crypto literacy, diversity, STEM careers, sustainability and green technology while supporting women in blockchain and introducing crypto to women. new audience, they said.
Bybit becomes the latest crypto player to enter Formula 1 with French team Alpine announcing its partnership with Binance on Tuesday.
Crypto.com is also a major sponsor of Formula 1 and has been announced as the main partner of the first Miami Grand Prix scheduled for May of this year.
