Formula One F1 - Young Driver Test - Yas Marina Circuit, Abu Dhabi, United Arab Emirates - December 14, 2021 Red Bull's Max Verstappen during testing REUTERS\/Hamad I Mohammed\/File Photo<\/p>\n
Register<\/p>\n
Feb 16 (Reuters) - Red Bull have signed a multi-year partnership with cryptocurrency exchange Bybit in what the Formula One team said was the largest annual crypto tie-up in international sport so far.<\/p>\n
The Milton Keynes-based team did not reveal a deal value in their statement issued on Wednesday but an informed source said it was worth $150 million over three years with Bybit becoming the squad's \"principal team partner\", a newly-created tier second only to \"title partner.\"<\/p>\n
The Bybit deal comes after Red Bull unveiled software giant Oracle as their title sponsor last week in a deal sources told Reuters was worth $300 million over five years.<\/p>\n
Register<\/p>\n
The two together add up to $110 million a year, covering a significant chunk of the team's expenditure, especially with a budget cap written into Formula One rules for the 2022 season at $140 million before tightening to $135 million from 2023 onwards.<\/p>\n
The deal with Red Bull means Bybit, which was established in March 2018 and has over six million registered users worldwide, become the team's exclusive cryptocurrency exchange partner.<\/p>\n
It will also help Red Bull boost fan engagement via the issuance of 'fan tokens' and distribution of the team's growing collection of digital assets.<\/p>\n
The two parties will additionally work together to promote crypto-literacy, diversity, STEM careers, sustainability and green technologies while also supporting women in blockchain and introducing coding to new audiences, they said.<\/p>\n
Bybit becomes the latest cryptocurrency player to foray into Formula One with the French Alpine team announcing a tie-up with Binance on Tuesday.<\/p>\n
Crypto.com is also a major Formula One sponsor and has been announced as title partner of the first-ever Miami Grand Prix scheduled for May this year.<\/p>\n
Register<\/p>\n
Reporting by Abhishek Takle; editing by XXXX<\/p>\n
Our Standards: The Thomson Reuters Trust Principles.<\/p>\n
<\/p>\n
Continue reading here: Formula One F1 - Young Driver Test - Yas Marina Circuit, Abu Dhabi, United Arab Emirates - December 14, 2021 Red Bull's Max Verstappen during testing REUTERS\/Hamad I Mohammed\/File Photo Register Feb 16 (Reuters) - Red Bull have signed a multi-year partnership with cryptocurrency exchange Bybit in what the Formula One team said was the largest annual crypto tie-up in international sport so far. The Milton Keynes-based team did not reveal a deal value in their statement issued on Wednesday but an informed source said it was worth $150 million over three years with Bybit becoming the squad's \"principal team partner\", a newly-created tier second only to \"title partner.\" The Bybit deal comes after Red Bull unveiled software giant Oracle as their title sponsor last week in a deal sources told Reuters was worth $300 million over five years Continue reading
\nRed Bull sign partnership deal with cryptocurrency exchange Bybit - Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"