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  • February 16, 2022

Bybit, a cryptocurrency exchange, signs a $150 million sponsorship deal with Red Bull's Formula One team.

The Formula 1 team of energy drink maker Red Bull has signed a $150 million sponsorship deal with Singapore-based cryptocurrency exchange Bybit.

  • The multi-year agreement is "the single largest per-annum cryptocurrency endeavour ever seen in international sport," according to a news statement issued by the firm on Wednesday.
  • A source familiar with the subject told CoinDesk that the arrangement is worth $50 million per year for three years, bringing the total to $150 million.
  • Bybit will join the Oracle Red Bull team as a principal team partner, just behind title partner and IT giant Oracle, according to the press announcement.
  • it will also issue fan tokens for the Formula 1 team, assisting in the growth of the team's digital assets while also boosting Bybit's crypto education effort.
  • The exchange will also serve as the team's tech incubator partner, which means they will collaborate on a variety of projects ranging from crypto literacy to green technology promotion, the press release said.
  • The sponsorship agreement is the latest in a long line of sponsorship agreements between cryptocurrency companies and prominent international sports teams. Through sponsorship partnerships, cryptocurrency companies are increasingly getting involved in branding and advertising.
  • Bybit, situated in Singapore, is placed ninth on CoinMarketCap's list of the top crypto exchanges in the world, with six million members. The ranking is based on web traffic, liquidity, volume, and the confidence of the information platform in the volume reported by an exchange.