Red Bull will have another new sponsor for their 2022 portfolio, as the team have signed a three-year deal with cryptocurrency trading platform Bybit. Having recently signed a mammoth new title sponsorship deal with US software company Oracle, Red Bull's already healthy sponsorship roster has been further bolstered by the arrival of Bybit. A source with knowledge of the deal told RacingNews365.com that it is the single largest per-annum cryptocurrency sponsorship agreement in international sport – worth $150 million dollars over the next three seasons. "I'm delighted to welcome Bybit to the team," said Red Bull team boss Christian Horner. "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 exist 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."
An increasing footprint for the crypto-sphere in F1
Red Bull's Bybit deal means that four of the 10 F1 teams now have major sponsorship deals with cryptocurrency trading platforms, with Red Bull adding to their crypto funding having already secured backing from the Tezos platform. Mercedes are backed by FTX, Aston Martin have a deal with Crypto.com, and Alpine have recently signed an agreement with Binance, while Ferrari, McLaren, AlphaTauri and Alfa Romeo all have deals in place with crypto-based token and blockchain partners. Bybit was established in March 2018, and now has over six million registered users worldwide. The new agreement will see Bybit work with Red Bull across a broad spectrum of activities and in two expanded capacities – as exclusive Cryptocurrency Exchange Partner and as the team's Tech Incubator Partner.
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A next level partnership 💪 @Bybit_Official #RaceToTheNextLevel pic.twitter.com/Whab5ysdxW — Oracle Red Bull Racing (@redbullracing) February 16, 2022
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