Following Red Bull Racing’s recent Formula One (F1) victories, the racing team has signed a three-year deal worth $50 million per year with Singapore-based crypto trading platform Bybit. The charge will be paid in a combination of fiat and BitDAO (BIT) tokens, according to the release.
Additionally, the cooperation, according to the company, intends to increase the F1 team’s fan interaction by using its crypto exchange capabilities. As part of the partnership, Bybit will issue fan tokens and serve as a tech incubator for Red Bull Racing. This means that the exchange will aid the team in disseminating its digital asset collections as well as supporting its other efforts, such as the Red Bull Technology Campus in Milton Keynes, which focuses on talent development.
Desire to exist at the forefront of technical innovation
Christian Horner, CEO of Red Bull Racing, expressed enthusiasm for the collaboration. Bybit shares Horner’s “desire to exist at the forefront of technical innovation. In order to set the competitive pace, and to upset the status quo,” according to Horner. He’s particularly impressed by Bybit’s dedication to improving the F1 fan experience through digital advancements.
Following that, Bybit’s co-founder and CEO stated that their crypto exchange team inspired by Red Bull Racing’s basic values. And how they transformed the F1 game in the same way that digital assets are changing banking. Bybit has found a kindred spirit, according to Zhou. “And the perfect combination of speed, safety, and reliability is everything our users are seeking on our platform.”
Bybit and Cabital teamed together a week ago to provide crypto purchases in Euro (EUR) and British pound sterling (GBP) (GBP). Bybit’s users will be able to buy bitcoin with lower gas fees thanks to this ramp technology.