Red Bull Sign Record-Breaking Crypto Sponsorship – WTF1

Red Bull Sign Record-Breaking Crypto Sponsorship

The first team to have explored cryptocurrency back in 2019, Red Bull, have announced they’ve signed a record deal with Bybit – believed to be the largest yearly sports crypto deal EVER with a value of $50 million a year!

Founded in March 2018, the Singapore-based platform has more than six million global users and will be joining Red Bull as a Team Partner, with their logo featuring prominently on the RB18.

As part of the three-year deal, they’ll be working together to promote the development of green technology, with a focus on sustainability and diversity. Bybit will also be helping Red Bull in boosting fan engagement through fan tokens in the future.

This is the second big-money deal Red Bull, or should we say Oracle Red Bull Racing, have announced this month. Their new sponsorship deal with tech company Oracle is reportedly worth $100 million a year. That’s nearly all of the 2022 budget cap!

Cryptocurrency has become one of the fastest-growing sponsorship markets in F1. In just three years, seven companies have established partnerships with eight teams and F1 itself.

What do you think about Red Bull’s latest partnership? Let us know in the comments below.

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