Red Bull Formula One team signs cryptocurrency sponsor

By AP News

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LONDON (AP) — Red Bull’s Formula One team has signed what it described Wednesday as the most lucrative annual cryptocurrency sponsorship in sports.

LONDON (AP) — 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.

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Topics:
Cryptocurrency
Sport
Industries:
Consumer Discretionary
Information Technology

Author: AP News

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Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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