Hot on the heels of heels of that $500m deal with Oracle, Red Bull signs another major partner as Bybit gets on board in $150m deal.
Established in March 2018, Bybit has grown exponentially over the past four years and now boasts more than six million registered users worldwide.
To recognise the scale of Bybit's involvement, it joins as Oracle Red Bull Racing's principal team partner, the first time such a partnership level has been created with the team.
The new agreement will see Bybit work with the team across a broad spectrum of its activities and in addition to its status as principal team partner, the cryptocurrency leader will work with the team in two expanded capacities – as exclusive Cryptocurrency Exchange Partner and as the team's Tech Incubator Partner.
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. The partners will also engage in the promotion of sustainability, diversity, STEM careers and recognition and support for women in blockchain as well as to introduce coding to new audiences.
The collaboration will also expand Red Bull's mission to grow fan engagement, with Bybit taking on the role of Fan Token Issuance Partner. This will give Bybit the scope, as a cryptocurrency trading platform, to support the Team with the distribution of its growing digital asset collections and also involve Bybit in education about the digital economy and its possibilities.
Bybit's core ethos is to support the Next Level of innovation, talent, and technology development – which aligns with Red Bull's own ambitions as the team develops and expands their Red Bull Technology Campus in Milton Keynes.
"I'm delighted to welcome Bybit to the team," said Christian Horner. "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. Allied to that is Bybit's commitment to enlivening the fan experience in F1 through digital innovation. This is also a key mission for the team and Bybit's assistance will help us build a deeper more immersive and unique connection with the team for fans around the world."
"Oracle Red Bull Racing's unique energy and creativity inspires us," added Ben Zhou, co-founder and CEO of Bybit. "The team has changed the game in the same way that digital assets have changed the global financial system. 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. Bull or bear, everyone has the opportunity to take financial freedom in their own hands at the dawn of the digital economy.
"Bybit has found our kindred spirit and the perfect harmony of speed, safety and reliability is everything our users are looking for on our platform. A moment on the track is made possible by tireless work to perfect the chassis, the engine, the craftsmanship, and by the racing drivers' relentless pursuit for precision and focus in an adrenaline-fueled game."
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