Red Bull announced that they have just recently signed a deal for a multi-year partnership with cryptocurrency exchange forum Bybit. Red Bull’s Formula 1 team has said that it’s the largest crypto deal in international sports history, measured by annual payment.
The actual details of the deal have not been made public, but an ‘informed source’ has said the deal is about 150 million dollars over three years, according to ESPN.
What Does the Deal Mean?
Red Bull has announced Bybit as their “principal team sponsor”. This title makes their sponsorship second to only their “title partner,” which Red Bull announced would be computer software company Oracle. The deal between Red Bull and Oracle was reportedly around 500 million dollars over the course of five years.
This means there is a very solid chance that we will see Bybit on Red Bull’s 2022 livery. The car will most likely have Oracle’s name on the tail, but we may see Bybit on the halo or side of the front wings.
Crypto for Everyone!
With tokens like Dogecoin, Shiba Inu token, and Bitcoin blossoming into the mainstream, everyone is trying to get in on the cryptocurrency hype. Red Bull is the second team to make a crypto-deal, with French based team Alpine signing a deal with Binance on Tuesday.
Formula 1 has even partnered with Crypto.com in order to promote and sponsor the Miami 2022 Grand Prix. Crypto.com also has a massive deal with the UFC that involves their logo on every fighter’s walkout clothes.
What will Bybit do in this partnership?
Bybit will be generating some interesting ideas for Red Bull, including a new initiative called fan tokens. Bybit will issue fan tokens to fans for the Oracle Red Bull Formula 1 team, in an attempt to help grow the team’s digital assets.
The press release from Red Bull Racing also mentioned that Bybit would be helping the team develop projects related to crypto-literacy and promoting green technology usage.
Bybit is a Singapore based cryptocurrency exchange, and has over 6 million users. According to CoinMarketCap, Bybit is ranked ninth on the list of top ten crypto exchanges. Red Bull Racing and Bybit should both reach new heights with this partnership.
Getting Ready for the 2022 F1 Season
This deal is one that is going to help Red Bull take advantage of having a Championship winning driver. Max Verstappen has another amazing battle coming up this season with Lewis Hamilton, and it’ll be interesting to see if any other drivers can challenge those two at the top of the grid.
With all the new rule changes coming into this new season, plenty of drivers will have a chance to make a run for the money. Ferrari is looking to have a bounceback season with their excellent drivers Charles Leclerc and Carlos Sainz Jr. Lewis Hamilton will have a new partner for the first time in seven years as George Russell will drive with the silver arrows of Mercedes for the first time this season.
Michael Masi Fired
In breaking news today, Michael Masi has been removed from his position as F1 race director. Masi was fired for his handling of the final lap of the season in Abu-Dhabi, where he appeared frustrated and overwhelmed with messages from both the Mercedes and Red Bull teams.
The FIA will be changing the rules as well so that teams cannot send messages directly to the race director. The role will be filled by two people alternating each race, Neils Wittich and Eduardo Freitas.
Multiple drivers expressed sentiments that Masi should not be fired. Driver Sebastian Vettel stated at Aston Martin’s car reveal that he thought Masi’s career should not be defined by one decision in one race. Masi’s fellow Australian Daniel Ricciardo said that Masi should keep his job, but he should probably receive some help due to the extreme nature and pressure of the job.
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