Before the market crash and major bankruptcies in the space in 2022, the Red Bull team signed a $150 million sponsorship deal with the crypto exchange Bybit.
The Sui network, which is backed by Mysten Labs, and the Red Bull Formula One Racing team have announced a multiyear relationship less than a month after the mainnet of the blockchain went live.
Sui said on June 1 that it would be the official blockchain partner of the racing team, which was going to race in Spain on June 4. The managing director of the Sui Foundation, Greg Siourounis, said that the goal of the relationship was to “show how web3 enables human connections.” The announcement also said that fans could expect “immersive digital experiences” in the coming months.
After Meta ended its Diem project in 2022, Mysten Labs stepped up its work on the Sui network. The network, which is based on the Rust-based programming language Move, went live on May 3, which led the major cryptocurrency exchange Binance to start giving trading pairs for the SUI token.
Bybit, a cryptocurrency company, sponsored the Red Bull Formula One Racing team with $150 million in 2022. However, Ferrari’s racing division said in January that its Formula One team was no longer working with Velas Blockchain and chip maker Snapdragon.