Another crypto sponsor enters Formula 1, with the dominant Oracle Red Bull Racing signing with Sui blockchain creator Mysten Labs.
Formula 1 (F1) teams continue to rack up new crypto industry sponsors, with leading team Oracle Red Bull Racing today announcing an alliance with Mysten Labs, creator of the recently launched Sui blockchain.
The multi-year deal will see Oracle Red Bull Racing and Mysten Labs partner for real world and online activities alike, and comes ahead of this weekend’s Spanish GP race in Barcelona.
Mysten Labs was founded by former Meta developers that were building the social media giant’s abandoned Diem project, and the startup raised $300 million last September at a valuation above $2 billion. The Sui mainnet launched in early May, pitting the network up against rivals like Aptos and Solana for a destination for decentralized apps (dapps) and games.
Oracle Red Bull Racing is leading the current F1 season’s team standings, with more than double the points of runner-up Aston Martin, and drivers Max Verstappen and Sergio Perez are respectively first and second in the drivers’ championship.
Only Red Bull drivers have won F1 races so far this season. Red Bull also won last year’s team championship, and Verstappen is F1’s back-to-back defending champion.
The team has another industry partner in crypto exchange Bybit, with that three-year deal—announced in February 2022—valued at $150 million total. The team is also sponsored by Cash App, a popular way to buy Bitcoin.
Red Bull Racing previously partnered with blockchain network Tezos, as well, but Tezos the deal was terminated in December 2022. Fellow F1 team Mercedes AMG Petronas was previously sponsored by FTX, but suspended its deal following the exchange’s collapse last November.
However, those departures haven’t signaled a broader exodus away from F1 and crypto deals, as Williams Racing added crypto exchange Kraken as a sponsor this past March.