Singapore-based cryptocurrency exchange Bybit has teamed up with Red Bull Racing.
The pair has formed a multi-year partnership which will see the exchange back the sports brand’s Formula One team.
Financial details about the deal were not disclosed, but sources close to the matter cited by Forbes suggested that the deal may be worth $150m over a three-year period. This will be paid in a combination of cryptocurrencies and traditional FIAT money.
Bybit will be issuing fan tokens as early as next year. Fan tokens are a type of blockchain asset that enables fans to stake some form of ownership or control on a sports organization. This way Red Bull Racing fans could be able to weigh in on executive decisions.
Fan tokens are created differently so it would be down to the two organizations to establish what fans would receive out of opting for these tokens.
In the meantime, Bybit will work with Red Bull to promote crypto literacy, sustainability, green technologies and diversity by calling for the inclusion of more women in blockchain.
“The sport captures the best of innovation, technology and grit, and runs on the principle of competition and precision…Red Bull Racing is the standard bearer of top Formula One performances”, said Bybit head of communications Igneus Terrenus.
Interest in sporting events has been soaring over the past few months. There has been a string of deals in the sector. Crypto.com recently purchased the naming rights for the Formula One Crypto.com Miami Grand Prix. Coinbase aired a bold Super Bowl LVI ad, which sent its app to the second most downloaded place on the App Store.
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