Red Bull announce new $150mn crypto sponsorship deal

Red Bull have now announced two new huge sponsorship deals in the last week.

Following the name partner deal with Oracle that sees Red Bull stand to earn $500 million over the next five years, the team have now partnered with Bybit – another cryptocurrency company.

The Singapore-based cryptocurrency exchange have signed with the Milton Keynes outfit in a deal worth $50 million a year for the next three years.

Officially, they have been announced as a “principal partner” to Red Bull, and Christian Horner is understandably delighted with the big-money acquisition.

“I’m delighted to welcome Bybit to the team,” he said in a statement.

“It’s fitting too that, as we enter a new generation of competition of F1 in 2022, with an advanced and potentially game-changing new philosophy of cars taking to the track, that Bybit also exist at the cutting edge of technology.

Red Bull team principal Christian Horner.v1

“They share the team’s passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo.

“Allied to that is Bybit’s commitment to enlivening the fan experience in F1 through digital innovation.

“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,” he added.

Bybit co-founder, Ben Zhou, is glad to pair up with a team that has innovated and adapted in F1 like his company has innovated in the financial world.

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“Oracle Red Bull Racing’s unique energy and creativity inspires us. The team has changed the game in the same way that digital assets have changed the global financial system,” Zhou said.

He went on to emphasise Bybit’s philosophy that everyone should have the indistinguishable right to thrive.

“As a young platform we connect with Oracle Red Bull Racing at the core of our values — age doesn’t matter, hierarchy is of no significance, and legacy is not what is passed to you but what you make.

“Bull or bear, everyone has the opportunity to take financial freedom in their own hands at the dawn of the digital economy,” he explained.

“Bybit has found our kindred spirit and the perfect harmony of speed, safety and reliability is everything our users are looking for on our platform.

“A moment on the track is made possible by tireless work to perfect the chassis, the engine, the craftsmanship, and by the racing drivers’ relentless pursuit for precision and focus in an adrenaline-fueled game.”

Red Bull will continue to line up with last year’s driver pairing of Max Verstappen and Sergio Perez in 2022, as the Dutchman seeks to defend the title he claimed in dramatic fashion last year.