Following Red Bull Racing’s recent victory in Formula One (F1), the team has entered into a three-year partnership with Singapore-based trading platform Bybit for US$50 million per year. According to the announcement, the fee will be paid in both fiat and BitDAO tokens (BIT).

The company announced that this partnership aims to expand fan interaction with the F1 team through cryptocurrency exchange opportunities. As part of the deal, Bybit will act as a fan token issuer and technology incubator for Red Bull Racing. This means the exchange will help the team distribute collections of digital assets and support their other initiatives, such as B. Talent development through the Red Bull Technology Facility in Milton Keynes.

Red Bull Racing CEO Christian Horner was pleased with this development.

According to Horner, Bybit shares the “team’s passion for driving technological innovation, setting the pace for competition, and disrupting the status quo.” He is also pleased with Bybit’s commitment to enhancing the F1 fan experience through innovation in the digital space.

Following this, Bybit co-founder and CEO Ben Zhou also commented that the exchange’s team will combine the core values ​​of Red Bull Racing and transform the F1 game in much the same way that digital assets do. Zhou said that Bybit “found a soul mate, and the perfect harmony of speed, security, and reliability is all users are looking for in our platform.”

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