Bybit, a Singapore-based cryptocurrency exchange, has announced a multi-year partnership agreement with Red Bull Racing in what the Formula One team calls the “largest-ever annual crypto sponsorship in international sports.”
In a statement issued on Wednesday, the racing team based in the United Kingdom, which features current world champion Max Verstappen, did not disclose the amount of the purchase. According to industry sources, its arrangement with Bybit is worth $150 million over three years and will be paid in a combination of cash and cryptocurrencies.
Bybit will become Red Bull’s “primary team partner” in distributing its growing collection of digital assets and issuing fan tokens under the terms of the deal. Tokens are a sort of cryptocurrency that allows supporters to vote on decisions related to a sports club, such as kit designs, in order to increase fan engagement.
Bybit will also collaborate with Red Bull on a number of projects, including the development of crypto literacy, green technologies, sustainability, diversity, and women in blockchain. According to the racing team, the relationship will enable them to build a “more immersive and distinctive connection” with fans all around the world.
“The unique enthusiasm and inventiveness of Red Bull Racing motivates us,” said Ben Zhou, co-founder and CEO of Bybit, in a statement. “The team changed the game in the same manner that digital assets changed the global financial system.”