https://sputnikglobe.com/20220216/formula-1-team-red-bull-racing-signs-most-lucrative-cryptocurrency-deal-in-sports-history-1093089365.html
Formula 1 Team Red Bull Racing Signs 'Most Lucrative' Cryptocurrency Deal in Sports History
Formula 1 Team Red Bull Racing Signs 'Most Lucrative' Cryptocurrency Deal in Sports History
Sputnik International
Cryptocurrency is not just the latest fad among millennials, but sports organisations too. Earlier, there were reports that crypto major VeganNation was set to... 16.02.2022, Sputnik International
2022-02-16T16:30+0000
2022-02-16T16:30+0000
2023-07-31T17:13+0000
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Red Bull Racing (RBR) have signed a $150m sponsorship deal with Bybit, a Singapore-based cryptocurrency exchange, the Formula 1 team announced on Wednesday.RBR said that the deal is the "most lucrative annual cryptocurrency sponsorship" in sports history. Meanwhile, Bybit described its association with Red Bull as "the single largest per-annum cryptocurrency venture yet seen in international sport".As per the reigning F1 world champions, over a period of three years, Bybit will provide $50m per annum, besides educating the car-racing team on digital economy with the help of their "crypto-literacy" programme.The unregulated cryptocurrency market has gained immense traction in the last few years, with the rise of crypto exchanges around the world allowing people to trade it on the blockchain.Bybit is ranked among the top-10 exchanges globally, a list topped by Cayman Islands-headquartered Binance.
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Formula 1 Team Red Bull Racing Signs 'Most Lucrative' Cryptocurrency Deal in Sports History
16:30 GMT 16.02.2022 (Updated: 17:13 GMT 31.07.2023) Cryptocurrency is not just the latest fad among millennials, but sports organisations too. Earlier, there were reports that crypto major VeganNation was set to become Barcelona's shirt sponsor. But it is F1's Red Bull which has now become the first sports team or individual to have a crypto deal worth over $100 million.
Red Bull Racing (RBR) have signed a $150m sponsorship deal with Bybit, a Singapore-based cryptocurrency exchange, the Formula 1 team announced on Wednesday.
RBR said that the deal is the "most lucrative annual
cryptocurrency sponsorship" in sports history.
Meanwhile, Bybit described its association with Red Bull as "the single largest per-annum cryptocurrency venture yet seen in international sport".
As per the reigning
F1 world champions, over a period of three years, Bybit will provide $50m per annum, besides educating the car-racing team on digital economy with the help of their "crypto-literacy" programme.
The unregulated cryptocurrency market has gained immense traction in the last few years, with the rise of crypto exchanges around the world allowing people to trade it on the blockchain.
Bybit is ranked among the top-10 exchanges globally, a list topped by Cayman Islands-headquartered Binance.
