Red Bull has added what it claims to be the biggest annual cryptocurrency deal in sports to its portfolio with the addition of a $150million partnership with Bybit.
Fresh from announcing a five year, $500m title partnership with Oracle last week, Red Bull has added another $50m per year with the cryptocurrency exchange platform. Bybit will be known as a principal team partner for Red Bull, with its branding appearing on the front and rear wings of the RB18.
“I’m delighted to welcome Bybit to the team,” team principal Christian Horner said. “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.”
The latest two deals to be announced by Red Bull single-handedly cover the baseline cost of the budget cap that is set at $145m per year, and Bybit co-founder and CEO Ben Zhou says it wasn’t Red Bull’s performances but its approach that made it such an attractive partnership.
“Oracle Red Bull Racing’s unique energy and creativity inspires us,” Zhou said. “The team has changed the game in the same way that digital assets have changed the global financial system. As a young platform 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-fueled game.”