$ 1,225.50 0.04%
$ 39.53 2.46%
$ 0.072070 6.26%
$ 5.43 12.46%
$ 21,044.00 1.50%
$ 239.21 0.15%

Bybit signs $150m sponsorship deal with Red Bull

patrick robert doyle tFFeSkH NBc unsplash

TL;DR: Breakdown

  • Red Bull signs partnership deal with cryptocurrency exchange Bybit
  • Bybit becomes the “Official Energy Drink” of the racing team and will have branding exposure at all FOM events
  • The two companies will work together on a range of marketing and promotional activities.

Red Bull has announced a partnership deal with cryptocurrency exchange Bybit. This move could have a big impact on the future of cryptocurrencies.

Red Bull partnership with Bybit

The Red Bull Formula One racing team has partnered with cryptocurrency exchange Bybit in what the company claims is its biggest annual sports crypto deal to date. According to Reuters, the value of the contract is around $150 million and will last for three years. The partnership will see the exchange become the “Official Energy Drink” of the racing team and give Bybit branding exposure at all FOM (Formula One Management) events. In addition, the two companies will work together on a range of marketing and promotional activities.

With this new deal, Red Bull is looking to increase its exposure in the cryptocurrency community. The team is hoping that, by aligning itself with Bybit, it will tap into a new market of fans who are passionate about crypto and blockchain technology. For Bybit, this partnership represents an opportunity to build on its recent success. The exchange has been growing rapidly over the past year, and this deal will give it a chance to leverage Red Bull’s brand and fan base to reach even more customers.

This move comes as Red Bull continues its push for greater diversity at the top of motorsport’s commercial ladder. Its partnership with Bybit is the latest in a series of deals that have seen the company team up with blockchain startups and other crypto-related firms.

The deal is expected to have a positive effect on both parties. For Red Bull it will give them access to an audience of crypto enthusiasts who are passionate about the industry and eager to learn more about blockchain technology. This could help increase their fan base and bring in new followers worldwide. And for Bybit, this partnership could help them continue their rapid growth and cement their position as one of the top cryptocurrency exchanges in the world.

It’s a very exciting development for both Red Bull and Bybit, and it will be interesting to see how the two companies work together over the next few years. It’s clear that blockchain technology is here to stay, and Red Bull is one of many companies looking to capitalize on this trend.

Crypto sponsorship

The cryptocurrency industry is growing, and many companies are looking for new ways to tap into this emerging market. For Bybit, partnering with an established brand like Red Bull could be the perfect way of doing just that.

Bybit is a relatively new exchange, but it has seen an immerse growth thanks to its user-friendly interface and low fees. Red Bull is one of the most popular energy drinks globally, so this partnership could help raise awareness of Bitcoin and other cryptocurrencies among mainstream consumers. They launched their cryptocurrency called “Redcoin,” which could buy products from the Red Bull online store. The company has also been involved in other cryptocurrency projects, such as a partnership with Electroneum.

Crypto companies seem to have turned to the sporting world to promote their business and cryptocurrency in general. Recently, Binance and Polkadot disclosed their interest to sponsor Argentina and FC Barcelona football teams, respectively.

John Lincoln

John Lincoln

Lincoln contributes blockchain and crypto perspectives that meet the industry's selective information needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.

Related News

Hot Stories

Solana price analysis: SOL/USD declines to $39.16
Compass Mining loses Bitcoin mining facility for neglecting energy bill
Ethereum price analysis: ETH/USD stagnates as sideways movement restricts buying near $1,225
Robinhood shares spike 14% on FTX rumored purchase report
Bitcoin price analysis: Rejection from $21k hints at more downside below $19k

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records