Although the headline figure has not been officially confirmed, the deal is believed to be the largest annual cryptocurrency sponsorship signed so far in any international sport.
RBR recently announced a lucrative deal with technology giant Oracle as it seeks to plug the hole left by the loss of Honda’s production support, as well as fund a new division of Red Bull Powertrains, and a contract with Bybit as key team partner makes another significant contribution. .
The plan is that Bybit will help the team increase engagement with fans as a partner to issue fan tokens.
Founded in 2018, Bybit is a derivative exchange that essentially deals with contracts that give traders the right to buy or sell crypto assets at a certain price in the future.
In November, the company became the main sponsor of the Argentine national football team.
Regarding the deal, Christian Horner said: “They share the team’s desire to exist at the forefront of technological innovation, set the pace of competition and break the status quo. This is due to Bybit’s desire to revive the experience of fans in Formula 1 through digital innovation.
“It’s also a key mission for the team, and Bybit’s help will help us build a deeper and more unique relationship with the team for fans around the world.”
Bybit is the latest in a growing line of cryptocurrency companies to use F1 as a marketing platform, and several teams in the network have already established relationships.
The highest status to date is Crypto.com, which is a Formula One partner and the title sponsor of the first Miami Grand Prix in May, as well as key support for the Aston Martin team.
Red Bull was one of the first Formula 1 teams to explore the cryptocurrency field, having previously agreed to a deal with FuturoCoin in 2019.