Red Bull's F1 Team Signs $150M Sponsorship Deal With Crypto Exchange Bybit
The deal is worth $50 million per annum, or $150 million for the total three-years, according to a source.
Feb 16, 2022 at 12:37 p.m. UTCUpdated May 11, 2023 at 4:03 p.m. UTC
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Red Bull F1 car on track (JP Valery/Unsplash)
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The Formula 1 team of energy drink maker Red Bull has signed a $150 million sponsorship deal with Singapore-based crypto exchange Bybit.
- The multi-year deal is “the single largest per-annum cryptocurrency venture yet seen in international sport,” the company said in a press release on Wednesday.
- The deal is worth $50 million per annum over a three-year period, bringing the total to $150 million, a person familiar with the matter told CoinDesk.
- Under the agreement, Bybit will join the Oracle Red Bull team as a principal team partner, just behind the title partner IT major Oracle, according to the press release.
- Bybit will also take on the role of issuing fan tokens for the Formula 1 team, helping it grow its digital assets, while supporting Bybit’s crypto education initiative.
- The exchange will also be the team’s tech incubator partner, meaning it will work on a range of projects from crypto literacy to promoting green technology, the press release said.
- The deal is the latest in a series of sponsorship deals between crypto companies and major international sports team. Crypto firms have been increasingly getting involved in branding and advertising, via sponsorship deals.
- Singapore-based Bybit, which has 6 million users, is ranked ninth on the list of top spot crypto exchanges in the world by CoinMarketCap. The ranking is based on web traffic, liquidity, volume, and the information platform’s confidence that the volume reported by an exchange is legitimate.
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Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.