Today Formula One team Oracle Red Bull Racing announced a sponsorship deal with Singapore cryptocurrency exchange Bybit, which unconfirmed reports put at $50 million a year over three years. Red Bull stated it was the largest per annum cryptocurrency sports agreement.
Red Bull’s driver Max Verstappen won the F1 Drivers’ Championship last year, and the team just announced Oracle as its new Title Partner. Bybit is a Principal Team Partner, just behind Oracle.
As part of the deal, Bybit will be responsible for the team’s fan tokens. These are not non-fungile tokens (NFTs). They are closer to cryptocurrencies, with the price tending to go up and down with the team’s fortunes. Usually, fan tokens enable owners to participate in non-critical decisions such as color schemes. Socios is the company best known for fan tokens and it has a deal with Team Aston Martin Cognizant.
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