Red Bull Racing Receives $150 Million Sponsorship Through Bybit

Following Red Bull's recent F1 victory, the team has entered into a three-year partnership with Singapore-based crypto trading platform Bybit worth $50 million per year. According to the announcement, the fee will be paid in a combination of fiat currency and BitDAO (BIT) tokens.

The partnership, the company announced, aims to expand fan engagement with F1 teams through its capabilities as a cryptocurrency exchange. As part of the deal, Bybit will act as an issuer of fan tokens and as a technology incubator for Red Bull Racing. This means the exchange will help the team distribute its collection of digital assets and support its other initiatives, such as developing talent through the Red Bull Technology Campus in Milton Keynes.

Red Bull Racing CEO Christian Horner expressed his excitement for the partnership. According to Horner, Bybit shares the team's "passion for being at the forefront of technological innovation, setting the pace of competition and disrupting the status quo". He is also pleased that Bybit is committed to enhancing the experience of F1 fans through innovation in the digital field.

Following this, Bybit’s co-founder and CEO also commented that their cryptocurrency trading team is similar to the core values of Red Bull Racing and how they changed F1 racing, just like how digital assets disrupted finance. Zhou said, "Bybit has found our like-minded spirit, and the perfect blend of speed, security and reliability is everything our users are looking for on our platform."

A week ago, Bybit partnered with Cabital to offer cryptocurrency purchases in Euros (EUR) and British Pounds (GBP). With this infrastructure, Bybit users can buy cryptocurrencies with low gas fees on their exchange platform.