Red Bull Formula 1 has signed the biggest deal in sport, estimated at €130 million over three years.
The exact amount has not been officially announced by the company, but sources say the figure is higher.
The deal was made with Bybit, which is a Singapore-based cryptocurrency platform. With this deal, Bybit becomes one of the major sponsors of Red Bull, which was looking for sponsorships after Honda ceased support.
Bybit was founded in March 2018 and is a cryptocurrency exchange. Its operation lies in contracts that give traders the right to buy or sell cryptocurrencies or crypto securities at a specific price at a future date.
At the moment the platform has over 6 million registered users, a number that is growing – as is the popularity of cryptocurrencies.
The Red Bull and Bybit partnership includes the possibility of issuing collectible fan tokens, with the aim of introducing fans of the team to cryptocurrencies. The two companies will also work together to promote “green” technology, sustainability and general public awareness of crypto.
Following the deal, Bybit announced on Twitter, “A new chapter begins. We announce our partnership with 4-time Formula 1 champions, Oracle Red Bull Racing. A partnership on another level!”
Last season the Formula 1 Drivers’ Championship was won by Max Verstappen with Red Bull. Verstappen has been on the rise, causing Hamilton to lose the dominance of recent years.
For the season that starts shortly, bwin’s Formula 1 betting shows Hamilton and Verstappen very close to winning the title. In fact, this year Red Bull has renewed Verstappen’s contract for another six years with annual earnings of around €40 million.
It is worth mentioning that the Bybit deal came after Red Bull announced a partnership with technology giant Oracle.
Oracle is now the team’s top sponsor, as their contract is worth €275 million over the next 5 years. Bybit and Oracle alone reach €100 million a year in support of Red Bull, a not inconsiderable sum.