Bybit, the new crypto sponsor with $150 million for Red Bull
Red Bull has just signed an outlandish sponsorship deal with a cryptocurrency trading company, Bybit. According to Autosport, it is a three-year contract worth $150 million. A record-breaking deal.
If cryptocurrency is to finance what Formula 1 is to cars, it’s absurd, and this becomes even more evident in 2022, as they are the main players in the economy of sponsorship.
In recent months, numerous partnerships have been signed between cryptocurrency-related companies and Formula 1 teams. Alpine recently announced a partnership with Binance, but Mercedes, McLaren, Alfa Romeo, and Aston Martin all already have ties to companies in the sector.
Red Bull is doing exceptionally well, very well indeed. With a contract estimated at 150 million dollars over 3 years, the Austrian team, which has just won the drivers’ championship with Max Verstappen, is setting a record right after signing a title sponsorship contract with Oracle.
The Bybit logo prominently appears on the racing car, on the wings and side pods.
The company plans to create a token for Red Bull fans and enhance digital engagement with the F1 team.
According to the press release, this contract is the largest ever signed to date between a sports team and a cryptocurrency platform. Despite being created in 2018, the brand Bybit has not yet reached 4 years of existence.
🏁 A new chapter begins.
📣 Announcing our partnership with 4x World Champions, Oracle Red Bull Racing @Red BullRacing!
🏎 A next level partnership 💪 #RaceToTheNextLevel #F1 pic.twitter.com/YGbPKtSddY
— BYBIT 🦍 (@Bybit_Official) February 16, 2022
