- Cutting-edge cryptocurrency exchange Bybit joins the charge as Principal Team Partner.
- Multi-year agreement installs Bybit as the Team's top tier ally behind Title Partner Oracle.
- This deal marks the largest per annum deal of crypto's foray into sports to date.
- Collaboration includes fan engagement programmes through digital assets and positive change agenda.
MILTON KEYNES, UK - Media OutReach - 16 February 2022 - Oracle Red Bull Racing is delighted to announce a partnership with leading cryptocurrency exchange Bybit, bringing the power of the digital economy to the Team, in a multi-year agreement that will see Bybit take on the role of Principal Team Partner.
Established in March 2018, the cryptocurrency exchange has grown exponentially and now boasts more than six million registered users worldwide. As part of the new agreement, Bybit will also join the charge as Oracle Red Bull Racing's exclusive Cryptocurrency Exchange Partner.
The collaboration will also expand Oracle Red Bull Racing's mission to grow fan engagement, with Bybit taking on the role of Fan Token Issuance Partner and Tech Incubator Partner. This will see the cryptocurrency exchange not only support the Team with the distribution of its growing digital asset collections but also see Bybit and Oracle Red Bull Racing engage with promoting STEM careers and introducing coding to new audiences. Bybit's core ethos is to support the Next Level of innovation, talent, and technology development – which aligns with Oracle Red Bull Racing's own ambitions as the Team develops and expands their Red Bull Technology Campus in Milton Keynes.
The partnership fee will be paid in a combination of cash and BIT, BitDAO's native governance token. BitDAO is one of the world's largest decentralized autonomous organizations (DAO) supporting builders of the decentralized economy, allowing BIT token holders to vote on proposals to foster technologies that present entirely new ways for people to work, engage, and transact together.
Oracle Red Bull Racing Team Principal and CEO Christian Horner said: "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 exists 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."
Ben Zhou, co-founder and CEO of Bybit said: "Oracle Red Bull Racing's relentless passion and dauntless resilience inspires us. The team has changed the game in the same way that digital assets have changed the global financial system. 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. Bull or bear, everyone has the opportunity to take financial freedom in their own hands at the dawn of the digital economy. Bybit has found our kindred spirit and the perfect harmony of speed, safety and reliability is everything our users are looking for on our platform. A moment on the track is made possible by tireless work to perfect the chassis, the engine, the craftsmanship, and by the racing drivers' relentless pursuit for precision and focus in an adrenaline-fuelled game."
Bybit is a cryptocurrency exchange established in March 2018 to offer a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class. Apart from Oracle Red Bull Racing, Bybit also sponsors esports teams like NAVI, Alliance, Astralis and Virtus.pro; German soccer club Borussia Dortmund and Japanese soccer club Avispa Fukuoka.
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