cryptocurrency exchange Bybit joins the charge as Principal Team Partner.
- Multi-year agreement
installs Bybit as the Team’s top tier ally behind Title Partner Oracle.
- This deal marks the
largest per annum deal of crypto’s
foray into sports to date.
- Collaboration includes
fan engagement programmes through digital assets and positive change agenda.
MILTON KEYNES, UK – Media
OutReach – 16 February 2022 – Oracle Red Bull Racing is
delighted to announce a partnership with leading cryptocurrency exchange Bybit,
bringing the power of the digital economy to the Team, in a multi-year
agreement that will see Bybit take on the role of Principal Team Partner.
Established in March 2018, the cryptocurrency exchange has
grown exponentially and now boasts more than six million registered users
worldwide. As part of the new agreement, Bybit will also join the charge as
Oracle Red Bull Racing’s exclusive Cryptocurrency Exchange Partner.
The collaboration will also expand Oracle Red Bull
Racing’s mission to grow fan engagement, with Bybit taking on the role of Fan
Token Issuance Partner and Tech Incubator Partner. This will see the
cryptocurrency exchange not only support the Team with the distribution of its
growing digital asset collections but also see Bybit and Oracle Red Bull Racing
engage with promoting STEM careers and introducing coding to new audiences.
Bybit’s core ethos is to support the Next Level of innovation, talent, and technology
development – which aligns with Oracle Red Bull Racing’s own ambitions as the
Team develops and expands their Red Bull Technology Campus in Milton Keynes.
The partnership fee will be paid in a combination of cash
and BIT, BitDAO’s native governance token. BitDAO is one of the world’s largest
decentralized autonomous organizations (DAO) supporting builders of the
decentralized economy, allowing BIT token holders to vote on proposals to
foster technologies that present entirely new ways for people to work, engage,
and transact together.
Oracle Red Bull
Racing Team Principal and CEO Christian Horner said: “I’m delighted to welcome Bybit to
the team. 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 exists 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.”
co-founder and CEO of Bybit said: “Oracle Red Bull Racing’s relentless passion and
dauntless resilience inspires us. The team has changed the game in the same way
that digital assets have changed the global financial system. As a young
exchange 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-fuelled game.”