Oracle Red Bull Racing has signed up cryptocurrency exchange Bybit as the racing team’s ‘principal team partner’. A multi-year agreement sees Bybi
Oracle Red Bull Racing has signed up cryptocurrency exchange Bybit as the racing team’s ‘principal team partner’.
A multi-year agreement sees Bybit – a crypto platform with over six million registered users – act as the jet-set F1 team’s exclusive cryptocurrency exchange partner.
Bybit said it will also expand the Formula 1 team’s fan engagement by taking on the role of ‘fan token issuance partner’ and tech incubator.
It basically means the exchange will be responsible for the distribution of digital assets, such as non-fungible tokens (NFTs), for the racing team.
Red Bull Racing will be paid its partnership fee partly in cash but also in ‘Bit’, the native crypto token of BitDAO (a decentralised organisation backed by Bybit and other partners including Silicon Valley guru Peter Thiel). Bit is priced at US$1.70 and has a market cap of nearly US$1bn.
Christian Horner, Red Bull Racing’s team principal and chief executive, in a statement said Bybit “shares the team’s passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo.”
“The team has changed the game in the same way that digital assets have changed the global financial system,” said Ben Zhou, co-founder and chief executive of Bybit.
“As a young exchange 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,” Zhou added.
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