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Bybit partners with Red Bull Racing
The company announced that the partnership would expand the F1 team's fan engagement through its crypto exchange capabilities. Under the deal, Bybit will act as an issuer of fan tokens and a tech incubator for Red Bull Racing. This means the exchange will help the team distribute its digital assets and support its other initiatives, such as developing talent through the Red Bull Technology Campus in Milton Keynes.Red Bull Racing CEO Christian Horner expressed enthusiasm for the partnership. According to Horner, Bybit shares the team's "passion for existing at the forefront of technological innovation, for setting the competitive pace and for disrupting the status quo." He is also delighted with Bybit's commitment to improving the experience of F1 fans through innovation in the digital space.
Red Bull is no stranger to digital assets
Red Bull is no stranger to digital assets. In 2021, Red Bull's Formula One team Red Bull Racing Honda had partnered with Tezos to develop a non-fungible token (NFT) experience. In Formula 1, it is also popular to partner with crypto exchanges. Crypto.com, for example, signed a nine-year deal with the owners of Formula One to sponsor the race at the Miami Grand Prix and have a presence in the arena.But that's not all cryptocurrency has to offer in Formula 1. In March 2021, the Aston Martin Cognizant Formula 1 team announced its own partnership with Crypto.com. This clearly shows that the growing presence of cryptocurrencies in the normal world is also visible in this field. Blockchains like Tezos and crypto exchanges are happy to work with these teams to engage their fan base and help issue fan tokens and NFTs.
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