Formula One is the largest and highest class of international racing, so any significant sponsorship is always newsworthy. This time, it is Red Bull and its most recent partnership with the cryptocurrency company, Bybit. Red Bull wants to make a difference in the next Formula One competition, and the best way to do that is by receiving backing from a sponsor that has the money to make some real change. You can click on bitcoin millionaire pro to learn more about bitcoin trading.
This post will break down the cryptocurrency partnership that Red Bull has accepted.
Bybit
Red Bull has been looking for ways to finish its Powertrains division, and the recent partnership with Bybit may allow that to happen. The plan is for Bybit to help Red Bull build fan engagement. This can be made possible with By Its role as a fan token issuance partner.
Since 2018, Bybit has been a derivative exchange, which means it handles contracts that allow traders to buy and sell cryptocurrency assets at a specific price in the future. Also, Bybit became the main sponsor of Argentina’s national soccer team last November.
Christian Horner has expressed enthusiasm with the most recent deal with Red Bull. He believes that this deal will shake up the preconceived notions of cryptocurrency and technological innovation. Also, he is excited to see how this partnership will help with fan engagement in Formula One through its digital innovation.
Red Bull hopes to build a strong fan experience and immerse them into the team with this Bybit partnership. However, Bybit is only the latest cryptocurrency company to start making its way into Formula One because several other teams already have relationships with other cryptocurrency companies.
The Other Cryptocurrency Partnerships
This was not the first cryptocurrency company to work with Red Bull. Back in 2019, Red Bull was the first Formula One team to join any cryptocurrency company, and it chose to work with FuturoCoin. This two-year deal resulted in the company’s branding being posted on the cars and transporters.
The deal was significant for all involved because it paved the way for other Formula One teams to join up with cryptocurrency companies. FuturoCoin was especially happy because it believed that cryptocurrency and Formula One were similar. After all, they both needed to be fast, use technology, and be ahead of the time.
Right now, the highest-profile sponsor is Crypto.com. It has a partnership with Formula One and is the title sponsor of the Miami GP, plus has a back partnership with Aston Martin. These partnerships all began to form last May and are staying in place.
Mercedes has also signed a cryptocurrency deal. This partnership is with FTX and took place last September, which means people should look for the FTX logo during the next Formula One competition. Additionally, McLaren wanted to jump on board and gain a partnership with Bitci.com. This Turkish cryptocurrency company looks at trading and exchanging cryptocurrency in Turkey.
Moreover, Ferrari did not fall behind the trend and teamed up with Velas Network. This network is based in Switzerland and is trying to create an open-sourced blockchain system. Once it is made, then there will be a combination of both centralized and decentralized solutions being used, so people are one step closer to a self-governed and decentralized future.
Conclusion
With more teams working with cryptocurrency companies, the value of cryptocurrency is bound to increase. When it does, it is essential to be like the Formula One teams and be the quickest to the finish line, so you can trade and invest in the right cryptocurrency.