Professional sports leagues continue to warm up to the cryptocurrency industry with sponsorship deals for leagues, teams and players. Here’s the latest signed deal.
What Happened: The Red Bull Racing F1 team announced the signing of a multi-year partnership with Bybit, a cryptocurrency exchange with over six million registered global users.
The deal is reported as the largest annual cryptocurrency deal for an international sport to date.
Financial terms of the deal were not disclosed, but sources point to a $150 million price tag over three years.
Bybit becomes the “principal team partner” for Red Bull Racing, which will be the second leading tier behind “title partner” for advertisers.
Red Bull started a relationship with Bybit back in 2018. The deal is expected to lead to the creation of fan tokens for the Red Bull team to further engage with spectators.
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Why it’s Important: Red Bull Racing is one of the top teams in Formula One, a sports league owned by Liberty Formula One Group (NASDAQ:FWONA)(NASDAQ:FWONK).
Red Bull team member Max Verstappen won the Formula One Championship in 2021.
The deal with Bybit continues a push by cryptocurrency companies to get a piece of the global fan base of Formula One.
The French Alpine team announced a deal with Binance earlier this week. Crypto.com is a Formula One league sponsor and will be the title partner at the inaugural Miami Grand Prix in May 2022.
Super Bowl LVI featured several commercials for cryptocurrency companies, marking an uptick in public interest as leagues become more friendly to the growing industry and sector.
Photo: Courtesy of Artes Max on Flickr
