Red Bull have agreed a multi-year sponsorship deal with cryptocurrency company Bybit, with this it is set to become the largest deal of its kind in sports. The team has already announced a title sponsorship deal with Oracle that is set to land them $500m over 5 years and they have now penned another lucrative contract, with Bybit set to pay $150m over 3 years as a sponsor, according to ESPN.
Red Bull is a brand of energy drinks sold by Austrian company Red Bull GmbH. With 38%, Red Bull has the highest market share among energy drinks as of 2019. Since its launch in 1987, more than 82 billion cans of Red Bull have been sold worldwide, including 7.9 billion in 2020.
Oracle Red Bull Racing are delighted to announce a wide-ranging partnership with leading cryptocurrency exchange platform Bybit, in a multi-year agreement, that represents the single largest per-annum cryptocurrency venture yet seen in international sport.
Bybit is one of the fastest growing cryptocurrency exchanges, with more than 2 million registered users. A point of emphasis here about using the Bybit Exchange. Bybit is an entirely anonymous exchange, therefore a KYC procedure is not mandatory in the Bybit trading platform. American traders are locked out of Bybit due to the lack of clarity regarding the US crypto regulations. Rather than getting sued by the US regulators like the SEC, Bybit opted to stay away from the United States market altogether.
Christian Horner, Team Principal Leader of the Red Bull Formula One team, said of the deal:
“I’m delighted to welcome Bybit to the Team. 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.”
