$100 million+: Red Bull Formula One team signs cryptocurrency sponsor

The deal with Bybit is worth more than $100 million across three years for the team that is home to reigning world champion Max Verstappen

Associated PressUpdated: Wednesday, February 16, 2022, 05:24 PM IST
article-image
Red Bull F1 car | Photo: Formula 1

Red Bull's Formula One team has signed what it described Wednesday as the most lucrative annual cryptocurrency sponsorship in sports.

The deal with Bybit is worth more than $100 million across three years for the team that is home to reigning world champion Max Verstappen.

Red Bull said Bybit will work with the team on "crypto-literacy" by educating on the digital economy.

The unregulated cryptocurrency exchange has been running for almost four years. The price of crypto is prone to high volatility, sparking concerns about the risks of investing.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Mumbai updates: Process to recruit 7,000 police constables on, says Devendra Fadnavis

Mumbai updates: Process to recruit 7,000 police constables on, says Devendra Fadnavis

Mumbai: Uddhav Thackeray takes dig at BJP saying that some consider Mother India their property

Mumbai: Uddhav Thackeray takes dig at BJP saying that some consider Mother India their property

Uttar Pradesh reports over 1,000 fresh Covid cases in last 24 hours

Uttar Pradesh reports over 1,000 fresh Covid cases in last 24 hours

Bihar: Left legislators not to join Nitish Kumar cabinet, will extend support from outside

Bihar: Left legislators not to join Nitish Kumar cabinet, will extend support from outside

'We have not let anyone infiltrate our territory': Rajnath Singh in Jodhpur

'We have not let anyone infiltrate our territory': Rajnath Singh in Jodhpur