Formula 1: Bybit (crypto), main partner of Oracle Red Bull Racing for $150m 2022-2024

Singapore-based crypto-asset operator Bybit has become the main partner of Oracle Red Bull Racing from 2022 in the "largest per annum cryptocurrency sports agreement to date," announced the Formula 1 team on 16/02/2022.

Bybit's logo will appear on the "RB18", Red Bull Racing's single-seater in 2022. As an "exclusive cryptocurrency exchange partner", Bybit will launch the team's official fan token. In addition to being the cryptocurrency partner of the team that features 2021 World Drivers' Champion Max Verstappen (NED), Bybit also has the status of "tech incubator partner" and "will work with the team on a range of crypto-inspired initiatives from crypto-literacy to promoting the growth of green technologies" as well on the promotion of sustainability and diversity.

The partnership is reported to run for three seasons (2022-2024) and is worth $50m (€44m) per year, according to British motor racing media, Autosport, on 16/02/2022. The British team also has a new title sponsor for the 2022 season (agreement signed on 09/02/2022): Oracle (cloud computing, USA) will pay Red Bull Racing…