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Highlights
- Bybit has been hogging headlines following its partnership with Formula One giant Red Bull Racing.
- The US$150-million deal (per year) will see the Singapore-based crypto exchange as the principal team partner, which will issue exclusive fan tokens for the racing team.
The sports and crypto partnerships have been gaining momentum of late. Various cryptocurrencies have signed deals with various teams and clubs in football, NBA, NFL, Formula One, and others. The deals have seen them either distributing fan tokens or as jersey sponsors or arena branding.
Recently, cryptocurrency exchanges such as FTX, Crypto.com, Coinbase, etc., made their presence felt during the Super Bowl 2022, with ads featuring the likes of Lebron James and Larry David. Perhaps, Crypto.com is one of the most aggressive exchanges, which has inked deals with major sports clubs such as Philadelphia 76ers, Formula One Racing, and even managed to get a 20-year naming rights deal with the former Staples Center.
Now another leading crypto trading platform, Bybit has been hogging headlines following its partnership with Formula One giant Red Bull Racing. On 16 February, Bybit inked a three-year partnership deal with the Red Bull racing team, with an aim to expand its fan engagement through the crypto exchange.
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The deal details
The US$150-million deal (per year) will see the Singapore-based crypto exchange become the principal team partner and issue exclusive fan tokens for the racing team. Besides, it will also be the tech incubator for Red Bull Racing team with an aim to develop talent through the Red Bull Technology campus.
Established in March 2018, Bybit boasts more than six million users on its platform. Red Bull Racing CEO Christian Horner said the recent Bybit partnership would enhance the experience of Formula One fans through innovations in the digital space. With Bybit advanced technology, they can create a deeper and immersive unique connection with the fans.
Bybit not the first exchange to foray into Formula One
The Singapore-based exchange is not the first one to foray into Formula One. Previously, Formula One roped in Crypto.com in a sponsorship deal for US$100 million. The deal included slots top advertising slots at the new Sprint qualifying rounds during the British Grand Prix.
In September 2021, FTX had teamed up with Mercedes-AMG Petronas F1 team in a multi-race season plan. As part of the deal, FTX has access to its team members, with an aim to increase fan base engagement. More recently, the world’s leading exchange Binance signed a multi-year partnership BWT Alpine F1 Team as its official fan token partner. The ALPINE token was Binance’s debut foray into Formula One. It has plans to release fan tokens on Binance platform which is aimed to increase fan engagement.
Conclusion
Sports and crypto exchange partnerships are like perfect matches made in heaven. Exchanges are looking to maximise their reach through these tie-ups with leading sports brands and genres. Bybit’s partnership with Red Bull has just added to the competition and we can expect more such partnerships coming up in the near future.
