- Red Bull has recently partnered with Sui to enable global support for the team
- This partnership follows Red Bull’s recent entry into the blockchain realm
Oracle Red Bull Racing, a prestigious Formula One team, has signed a multi-year agreement with Sui, a layer-1 blockchain that debuted in early May.
Red Bull Racing will collaborate with Web3 software company Mysten Labs in this partnership. The Oracle Red Bull Racing team announced in a news statement that they now have the L1 blockchain as an official blockchain partner. The Sui team also announced this through their official Twitter account.
SUI price response
Sui’s token was released on May 3 and made its public debut at $1.35 after initially going on sale for between $0.03 and $0.10. The price is currently $0.97.
According to Oracle Red Bull Racing Team Principal and CEO Christian Horner, the company was an early adopter of Blockchain technology in Formula 1. Partnering with Sui will elevate that experience, making access easier, more secure, and more engaging.
The SUI token price has been falling since it reached an all-time high of $1.72 on May 3, 2023, right after the mainnet launch, and is anticipated to recover as a result of today’s partnership news.
Oracle Red Bull Racing claimed to have done a thorough investigation to find a blockchain platform that “empowers racing fans to engage in novel new ways.” The partnership with Sui was a result of this investigation, and it is anticipated that it will enable global support for the team through a number of engaging digital experiences.
Entry of Red Bull Into The Cryptocurrency Space
This new partnership follows Red Bull Racing’s recent entry into the blockchain realm, which included its massive $150 million deal with cryptocurrency derivatives exchange ByBit in 2022.
However, Oracle Red Bull Racing Team Principal and CEO Christian Horner said the following with regards to the new partnership:
“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.”
Similar Partnerships in F1 Racing
Currently, Red Bull Racing holds the top two positions in the drivers’ championship with Max Verstappen and Sergio Perez leading the pack. Additionally, their team standings significantly surpass Aston Martin, the second-place team, by more than twice the points.
This season, only Red Bull drivers have claimed victories in F1. Verstappen is the back-to-back F1 champion, and Red Bull also took home the team title last year.
Tezos was a blockchain network with which Red Bull Racing had previously cooperated, but that partnership ended in December 2022. The team is also supported by Cash App, a well-known Bitcoin purchasing platform. Bybit, a cryptocurrency exchange, is the team’s second business partner. The three-year agreement was revealed in February 2022. Other racing teams have also collaborated with cryptocurrency exchanges. Formerly sponsored by FTX, F1 team Mercedes AMG Petronas canceled the partnership after the exchange’s demise in November of last year.
Nevertheless, those departures did not portend a wider exodus away from F1 and cryptocurrency transactions, since Williams Racing has recently partnered cryptocurrency exchange Kraken as a sponsor.