Red Bull has agreed a record-breaking deal with cryptocurrency exchange platform Bybit.
The three-year agreement is the single largest per-annum cryptocurrency sponsorship deal conducted in international sport which GPFans sources have confirmed is worth $150million over three years.
The deal comes a week after Red Bull announced a team title branding arrangement with American multi-national computer technology corporation Oracle. That deal was reported to be worth $500million over five years.
It means in the space of a week, Red Bull has now confirmed two deals that cover the budget cap for the next three years, which this year is $140m, dropping to $135 from next season.
Red Bull team principal Christian Horner said: “I’m delighted to welcome Bybit to the Team.
"It’s fitting, too, that, as we enter a new generation of competition of F1 in 2022, with an advanced and potentially game-changing new philosophy of cars taking to the track, that Bybit also exists at the cutting edge of technology.
"They share the team’s passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo.
"Allied to that is Bybit’s commitment to enlivening the fan experience in F1 through digital innovation.
"This is also a key mission for the team and Bybit’s assistance will help us build a deeper more immersive and unique connection with the team for fans around the world.”
Bybit becomes a principal team partner, the first time such a partnership level has been created with Red Bull.
The new agreement will see Bybit work with the team across a broad spectrum of its activities, including as tech incubator partner.
That entails a range of crypto-inspired initiatives from crypto-literacy to promoting the growth of green technologies, as well as engaging in the promotion of sustainability, diversity, STEM careers and recognition and support for women in blockchain as well as introducing coding to new audiences.
Ben Zhou, co-founder and CEO of Bybit, said: “Oracle Red Bull Racing’s unique energy and creativity inspires us.
"The team has changed the game in the same way that digital assets have changed the global financial system.
"As a young platform we connect with Oracle Red Bull Racing at the core of our values — age doesn’t matter, hierarchy is of no significance, and legacy is not what is passed to you but what you make.
"Bull or bear, everyone has the opportunity to take financial freedom in their own hands at the dawn of the digital economy.
"Bybit has found our kindred spirit and the perfect harmony of speed, safety and reliability is everything our users are looking for on our platform
"A moment on the track is made possible by tireless work to perfect the chassis, the engine, the craftsmanship, and by the racing driver's relentless pursuit for precision and focus in an adrenaline-fuelled game.”