Red Bull is a UK headquartered F1 racing team. Current F1 world champion Max Verstappen drives for the team.
Bybit is a Singapore-based crypto exchange. The two have entered into a partnership agreement meant to run for several years. Red Bull is touting this as the biggest deal in sports history to be signed for crypto sponsorship.
Red Bull refused to divulge details or the value of the sponsorship deal. But insiders from the F1 ecosystem speculate that the deal would be worth at least $150 million. The deal it is speculated would run for a period of three years. The sponsorship amount is expected to be paid through both cash and cryptocurrencies.
As per the deal, Bybit is slated to become Red Bull’s principal team partner. This will entitle Bybit to sell its digital assets and also issue fan tokens.
The fan tokens are meant to enable them to engage with the team. The fans who receive the token will earn the privilege of being able to vote on decisions to be taken by the team. One decision could be on the design of the team kit.
In addition, Bybit will work with Red Bull on several crypto related initiatives. Some of these include crypto literacy, green technologies, diversity, etc. Red Bull is hopeful that through the partnership it will be able to build a deeper connection with fans of the team from across all parts of the world.
F1 racing symbolises innovation and technology. Red Bull is all about grit. Bybit feels that the sponsorship will tap into the synergies of the two partners. Both partners are involved in pursuits requiring engineering and craftsmanship.