Red Bull Racing announced that Bybit, a crypto exchange platform, has joined it as a major team partner. The announcement sees this deal as the largest yearly cryptocurrency sports agreement.
Multiyear Partnership Deal
RBR announced on Feb. 16, 2022 that it is partnering with a major crypto-focused player Bybit. The multiyear agreement between RBR and Bybit allows the latter to become a prominent partner after RBR’s partnership with Oracle. The new partnership is designed to strengthen fan engagement, opening new opportunities for social tokens and asset creation.
Oracle RBR’s team head, Christian Homer welcomed the cryptocurrency trading platform. According to him, the new partnership fits nicely as F1 enters new competition arena in 2022. Bybit with its cutting-edge technologies will bolster the team. The new team has plans to come up with new innovative solutions.
The Team Will Work on New Technologies and Solutions
Bybit in this partnership has plans to work on various crypto-inspired concepts from crypto education to supporting the development of green technology solutions. RBR’s announcement noted the partners have plans to promote diversity, sustainability and STEM careers. They will provide blockchain support to women and educate new audience on coding. Bybit will support RBR in distributing its digital assets. The announcement indicates RBR in future may launch a fan-based crypto asset token with the support of Bybit.
CEO and cofounder of Bybit Ben Zhou said that the young platform fits well in the core values of Oracle RBR. According to him, the age of platform and hierarchy do not matter, and legacy is made and not only what is received.