Bybit will pay $50 million per year to become the Principal Team Partner of Red Bull's Formula 1 team.
Bybit will pay $50 million per year to become the Principal Team Partner of Red Bull’s Formula 1 team.
The duration of the agreement is for three years, as Bybit will pay $50 million per annum. This is the largest amount a firm has ever paid for annual sponsorship services in the sports sector. The fee would consist of a combination of cash and BIT – the native token of the platform. “They share the team’s passion to exist at the forefront of technological innovation, to set the competitive pace, and to disrupt the status quo,” he added.
In addition, Leo Messi and his teammates will have Bybit’s logo displayed on their training apparel until November 2023.
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