Red Bull are laughing all the way to the bank after Max Verstappen’s 2021 championship victory, the team signing its second big sponsor in less than a week.
Last week, launching the Red Bull RB18, Red Bull announced a new title sponsor in Oracle.
The deal with the American tech giant is said to be worth $500 million over five years with the team now adding another $150m to the coffers.
The team has joined forces with Singapore-based cryptocurrency platform Bybit in what is thought to be the largest per annum cryptocurrency sponsorship signed in the sporting world.
“I’m delighted to welcome Bybit to the Team,” said team boss Christian Horner.
“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.
— Oracle Red Bull Racing (@redbullracing) February 16, 2022
“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.”
Bybit have become the team’s cryptocurrency exchange partner, tech incubator partner and fan token issuance partner.
“Oracle Red Bull Racing’s unique energy and creativity inspires us. The team has changed the game in the same way that digital assets have changed the global financial system.” said Bybit co-founder and chief executive Ben Zhou.
“As a young platform 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-fueled game.”
Founded in 2018, Bybit is a derivative exchange that boasts more than six million registered users worldwide.