Red Bull Signs World’s Biggest Crypto-Sport Sponsorship Deal for $150M
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The Formula 1 team of energy drink maker Red Bull has signed a $150 million sponsorship deal with Singaporean crypto exchange Bybit
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The multi-year deal is the biggest per-annual deal between a cryptocurrency company and a sports team
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According to CoinDesk, the deal is worth $50 million per annum over three years, for a total of $150 million
The Formula 1 faction of energy drink manufacturer Red Bull has signed a $150 million sponsorship deal with Singapore-based cryptocurrency exchange Bybit. Based on the agreement, Bybit will join the F1 team as a principal partner behind major sponsor Oracle. A press release issued by the company also indicates that Bybit will be responsible for issuing fan tokens for the Formula 1 team, helping it grow its digital assets.
The partnership between both parties will also see Bybit become the team’s man tech incubator partner, working on projects such as crypto literacy and the promotion of environmental-friendly technology.
The multi-year deal is the largest per-annum deal that a cryptocurrency company has signed with any team in international sport to date. According to CoinDesk, $50 million will be received by Red Bull monthly over a three-year period, bringing the total to $150 million.
Read also: Binance Signs Sponsorship Deal With Argentine Football Association
The deal is just one of several sponsorships involving crypto companies and major sports teams in the world, as crypto firms continue to scale up their branding and advertising efforts.
Singaporean exchange Bybit, which has more than 6 million users, is the ninth on CoinMarketCap’s list of top cryptocurrency exchanges in the world.
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