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Bybit Signs $50 Million Agreement with Red Bull Racing

Singapore-based crypto exchange, Bybit, has completed a $50 million deal with F1 giant, Red Bull Racing.

Prior to the multi-year partnership with Bybit, Red Bull signed a $300 million deal with the software firm Oracle a week ago. Bybit’s recent deal however goes down as the biggest yet between a crypto and sports entity in history, on a per-year basis.

Bybit was founded in 2018 and has rapidly grown to command more than six million active users globally. Its COO Simon Horner said the Formula 1 team and Bybit share the common ambition of pushing technological advancement and staying ahead of competition.

Strategic Partnership

This will be the first time Red Bull Racing will be partnering with a crypto company. The four-time Formula 1 champion appear to be benefiting from its victory last season, when driver Max Verstappen bested seven-time winner Lewis Hamilton in a heated contest.

Bybit says that it intends to lend its crypto expertise to Red Bull, with high hopes of increasing the involvement of its Formula 1 fans in crypto. The exchange’s responsibilities, according to the agreement, includes issuing fan tokens, and assisting the development of blockchain technology at Red Bull Racing.

In a nutshell, Bybit will aid the circulation of the racing team’s crypto assets, alongside other duties like giving a hand in talent development at the team’s technical campus.

Introducing fan tokens transforms fans’ engagement with cryptocurriencies from a mostly speculative position to a more active interaction. Additionally, Bybit also wants to flatten out the gender imbalance in the blockchain space, by providing support for women.

As a result of the endorsement, Bybit’s logo will appear on race cars, alongside other Red Bull partners. The exchange’s logo will also appear on other properties belonging to the team.

Increasing Crypto-Sports Partnerships

A few days ago, Tezos, the New York open-source crypto platform signed a 20 million pounds multi-year deal with the football club Manchester United. According to the English soccer club, the sponsorship could significantly change how fans relate with the club.

The football club made this announcement shortly after contracts with AON expired the previous season. Manchester United’s elapsed deal with the Hut group was worth 200 million pounds.

By virtue of the agreement, Tezos will be responsible for sponsoring the club’s training fits.

Also recently, Socios.com, a blockchain platform designed to provide fan tokens, entered into a three-year partnership with UEFA. On Tuesday, the football body, UEFA, announced Socios.com as the official fan token for UEFA club competitions for the next three years.

Deals with other football bodies like LaLiga and Italian Serie A prelude this agreement.

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$BIT pumped 5% after the announcement and trades at $1.732, at writing.

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