This multi-year partnership between the two players aims to provide immersive digital experiences and enhance fan engagement, showcasing the potential of Web3 technology in connecting people.
In a recent development, Red Bull Formula One Racing team announced its multi-year partnership with Mysten Labs’ Sui Network. This comes less than a month after Sui Network went live with its blockchain mainnet.
On Thursday, June 1, Sui Network announced that it would be the official blockchain partner for the Red Bull racing team, which is scheduled to compete in Spain this Sunday, June 4. Sui Network managing director Greg Siourounis said that this partnership aims at “demonstrat[ing] how web3 enables human connections”. The announcement also promises “immersive digital experiences” for fans in the coming months.
As part of the multi-year deal, Oracle Red Bull Racing will partner with Mysten Labs for several real-world and online activities. Speaking on the development, Oracle Red Bull Racing Team Principal and CEO Christian Horner said:
“Oracle Red Bull Racing was an early adopter of Blockchain technology in Formula 1, recognising its potential to connect fans all over the world with the team in a truly unique and forward-thinking way. Partnering with Sui will elevate that experience, making access easier, more secure and engaging.”
More About Mysten Labs
Founded by former Meta developers who were previously working on the abandoned Diem project, Mysten Labs successfully secured a funding round of $300 million in September, valuing the startup at over $2 billion.
The launch of the Sui mainnet in May 2020 marked an important milestone for the company, positioning it as a competitor to other decentralized apps (dApps) and game platforms like Aptos and Solana. Evan Cheng, Co-Founder and Chief Executive Officer of Mysten Labs said:
“The potential of blockchain technology to fundamentally change the way humans transact, interact and communicate is enormous. We are extremely pleased to match Sui’s best-in-class performance with Oracle Red Bull Racing. With this partnership, we can demonstrate the true power of blockchain technology, to build communities around novel and ground-breaking connected experiences.”
Red Bull has been quite active in building key partnerships across the blockchain and crypto sectors. Last year in 2022, the Red Bull Formula One Racing team also signed a $150 million sponsorship deal with crypto exchange Bybit.
As part of the partnership, Bybit will initiate crypto-related activities to grow RBR’s fan engagement as well as enhance the growth of greentech. Also serving as Fan Token Issuance Partner.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
