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.