Singapore-based cryptocurrency exchange platform Bybit has announced a multi-year sponsorship of Formula 1 motorsport team Oracle Red Bull Racing worth US$150 million (SG$201.82 million).
In the latest tie-up between major sports and blockchain digital assets, Bybit will be the Principal Team Partner of the F1 Red Bull Racing team in what both companies describe as the largest per annum cryptocurrency sports agreement to date.
The deal makes Bybit the team’s top tier sponsor behind title partner Oracle, and will see Bybit work with Red Bull Racing as exclusive Cryptocurrency Exchange Partner and also Tech Incubator Partner.
Established in March 2018, the Bybit crypto platform now has more than six million registered crypto users worldwide.
The partnership plans to boost fan engagement through digital asset creation and social tokens, tapping into the massive global audience of F1 fans as potential customers. As a Fan Token Issuance Partner, Bybit will support the team with the distribution of its growing digital asset collections and also educate F1 fans about the digital economy.
Bybit will work with Red Bull on a range of initiatives from crypto-literacy to promoting the growth of green technologies. They aim to promote sustainability, STEM careers, diversity, recognise and support women in blockchain, and bring coding to new audiences.
Oracle Red Bull Racing Team Principal and chief executive Christian Horner welcomed the Bybit partnership, given the companies’ shared passion for technological innovation and disrupting the status quo.
“Allied to that is Bybit’s commitment to enlivening the fan experience in F1 through digital innovation,” Horner said in a statement.
“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.”
Other major sports are also expanding into digital marketing and merchandise assets for fans. For instance, there has been strong growth of NBA Top Shot – a partnership between North America’s National Basketball Association (NBA) and Dapper Labs – where fans trade video clips of NBA moments in a blockchain-based trading card system.
Formula 1 claims to be the fastest-growing major sports league in terms of follower growth on social and digital platforms in 2021, with 49.1 million followers. It also has a huge global TV audience, with the 2021 F1 season finale in Abu Dhabi clocking 108.7 million viewers.
Such lucrative F1 audiences have already attracted other sponsorship from the crypto space.
Under a US$100 million deal last year, Singapore-based cryptocurrency exchange Crypto.com became an inaugural global partner of F1’s Sprint series and snared a trackside presence at every race.