This multi-year partnership between the two sportspersons aims to deliver immersive digital experiences and enhance fan engagement, while showcasing the potential of Web3 technology to connect people.
In a recent development, the Red Bull Formula One racing team announced its multi-year partnership with Mysten Labs’ Needle Network. This comes less than a month after Sui Network went live with its own blockchain mainnet.
On Thursday, June 1st, Sui Network announced that it will be the official blockchain partner for the Red Bull Racing team, which is scheduled to compete in Spain this Sunday, June 4th. Sui Networks Managing Director Greg Siouronis said the goal of this partnership is to “showcase[ing] How web3 enables the human connection”. 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 multiple real-world and online activities. Speaking on development, Christian Horner, Principal and CEO of Oracle Red Bull Racing Team Said:
“Oracle Red Bull Racing was an early adopter of blockchain technology in Formula 1, recognizing its potential to connect fans all over the world with the team in a truly unique and forward-thinking way. making access easier, more secure and attractive.
More about Mysten Labs
Founded by former Meta developers who were previously working on the abandoned Diem project, Mysten Labs successfully secured a $300 million funding round 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 gaming platforms such as Aptos and Solana. Evan Cheng, co-founder and CEO of Mysten Labs Said,
“The potential of blockchain technology is enormous to fundamentally change the way humans transact, interact and communicate. We are extremely pleased to match Sui’s best-in-class performance with Oracle Red Bull Racing. With this partnership, we can showcase the true power of blockchain technology to build communities around novel and groundbreaking connected experiences.
Red Bull has been very active in building key partnerships in the blockchain and crypto sectors. Last year in 2022 the Red Bull Formula One racing team also Put signature on $150 million sponsorship deal with crypto exchange Bybit.
As part of the partnership, Byte will initiate crypto-related activities to increase fan engagement of RBR as well as drive the growth of Greentech. Fan is also acting as a token issuance partner.
Bhushan is passionate about Fintech and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in the process of continuous learning and keeps motivating himself by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and occasionally explores his culinary skills.
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