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Red Bull lands record $150m F1 sponsorship deal in cryptocurrency

Although the overall figure has not been officially confirmed, the arrangement is believed to be the largest annual cryptocurrency sponsorship signed in an international sport.

Red Bull recently announced a lucrative title sponsor deal with tech giant Oracle as it seeks to fill the hole left by the loss of support from Honda and also fund the new Red Bull Powertrains division, and the Bybit contract. as the main partner of the team 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.”

Max Verstappen, Red Bull Racing, Sergio Perez, Red Bull Racing, Christian Horner, Red Bull Racing Team Principal

Photo by: Red Bull Racing

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, 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.

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Alpine recently announced the launch of a fan token via Binance, while Red Bull sister team AlphaTauri extended the deal with Fantom it first announced in May 2021.

Mercedes signed a deal with FTX last September, while for 2022 McLaren has a new partnership with Turkish company and Ferrari has aligned itself with Swiss network Velas.

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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