The Formula One team of Max Verstappen, Red Bull Racing, has signed a very lucrative sponsorship deal with a cryptocurrency exchange. The exchange in question is ByBit Exchange. In the coming season Max Verstappen will be driving an F1 car branded with the ByBit logos.
The ByBit and Red Bull Racing deal
This would be a very lucrative deal between ByBit and Red Bull Racing. They will be tied to eachother for 3 years. For these 3 years, ByBit Exchange will pay a whopping $150 million.
Cryptocurrency exchange sponsorships are becoming very popular in the Formula 1 world. For example, Crypto.com is one of the biggest sponsors of Formula 1, but companies like Tezos also advertise during Formula 1. However, the deal struck between Red Bull Racing and ByBit Exchange would be the largest sponsorship deal involving crypto money in the international sports world to date. The increasing popularity of Max Verstappen, after he won his F1 world title last season, has probably bumped up the price of the deal.
ByBit Exchange is an exchange that was founded in 2018 and currently has more than 2 million users. The Exchange offers cryptocurrency futures markets and is particularly popular among day-traders. Earlier we wrote a full review about ByBit Exchange, which you can find here.
The exchange charges low fees and allows you to use leverage up to 100x. If you want to trade via ByBit you can create an account via this link, and will receive $20 for free!
