Although the overall figure has not been officially confirmed, the arrangement is believed to be the largest annual cryptocurrency sponsorship signed to date in an international sport.
RBR recently announced a lucrative title deal with tech giant Oracle as it seeks to plug the hole left by losing Honda backing and also fund the new Red Bull Powertrains division, and the Bybit deal as as the team’s main partner makes another significant contribution.
The plan is for Bybit to help the team increase fan engagement in its role as a fan token issuing partner.
Founded in 2018, Bybit is a derivatives exchange, essentially dealing with contracts that give traders the right to buy or sell crypto assets at a certain price on a future date.
In November, the company became the main sponsor of the Argentina national football team.
Commenting on the deal, Christian Horner said: “They share the team’s passion to exist at the cutting edge of technological innovation, to set the pace of competition and to disrupt the status quo. Added to this is Bybit’s commitment to enlivening the F1 fan experience through digital innovation.
“It’s also a key mission for the team and Bybit’s support will help us build a deeper, more immersive and unique connection with the team for fans around the world.”
Bybit is the latest in a growing line of cryptocurrency companies to use F1 as a marketing platform, with several teams on the grid having already forged relationships.
The highest profile so far is Crypto.com, which is an F1 partner and the title sponsor of the inaugural Miami GP in May, as well as a key supporter of the Aston Martin team.
Red Bull was one of the first F1 teams to explore the cryptocurrency space, having previously struck a deal with FuturoCoin in 2019.
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