Oracle Red Bull’s Formula 1 (F1) racing team announced on Wednesday a multi-year sponsorship deal with Singapore-based derivative exchange Bybit in what it claims to be the largest annual crypto sponsorship to date.
- While the scale of the sponsorship hasn’t been disclosed officially, media accounts cited an unnamed source in reporting the deal is worth US$150 million over three years.
- Bybit will help the racing team in growing fan engagement and issuing fan tokens.
- Fan tokens have become a popular method for sports teams and stars to engage with fans, recording almost US$50 billion in all-time sales volume, according to CryptoSlam data.
- Major crypto firms scored numerous deals with some of the world’s top sporting teams and leagues, including multiple prime time ad slots during this year’s Super Bowl.
- Another Singapore-based crypto exchange, Crypto.com, announced a nine-year deal to become the official title partner of the F1 Crypto.com Miami Grand Prix.