Red Bull sign 'largest crypto sponsorship deal in sport so far'

Red Bull have signed the ‘largest crypto sponsorship deal in international sport so far’ after the Formula One team complete a £111m agreement with Bybit over three years

  • Red Bull will earn £37m in each season of new three-year deal in crypto tie-up
  • Bybit will now become the team’s exclusive cryptocurrency exchange partner
  • Team have also had finances boosted after new sponsorship deal with Oracle 

Red Bull have signed a multi-year partnership with cryptocurrency exchange Bybit in what the Formula One team said was the largest annual crypto tie-up in international sport so far.

The Milton Keynes-based team did not reveal a deal value in their statement issued on Wednesday but an informed source said it was worth £111million ($150m) over three years with Bybit becoming the squad’s ‘principal team partner’, a newly-created tier second only to ‘title partner.’

The Bybit deal comes after Red Bull unveiled software giant Oracle as their title sponsor last week in a deal worth £252million ($300m) over five years.

Red Bull have signed up with Bybit in a huge cryptocurrency deal worth £111million

The deal over three years is the biggest cryptocurrency deal in the world of sport so far

The two together add up to £92m ($110m) a year, covering a significant chunk of the team’s expenditure, especially with a budget cap written into Formula One rules for the 2022 season at £117m ($140m) before tightening to £113m ($135m) from 2023 onwards.

The deal with Red Bull means Bybit, which was established in March 2018 and has over six million registered users worldwide, become the team’s exclusive cryptocurrency exchange partner.

It will also help Red Bull boost fan engagement via the issuance of ‘fan tokens’ and distribution of the team’s growing collection of digital assets.

World Champion Max Verstappen will hope to lead Red Bull to more success this season

The two parties will additionally work together to promote crypto-literacy, diversity, STEM careers, sustainability and green technologies while also supporting women in blockchain and introducing coding to new audiences, they said.

Bybit becomes the latest cryptocurrency player to foray into Formula One with the French Alpine team announcing a tie-up with Binance on Tuesday.

Crypto.com is also a major Formula One sponsor and has been announced as title partner of the first-ever Miami Grand Prix scheduled for May this year.




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