Bybit Enters USD 150M Deal with Red Bull F1 Team; Plans Fan Token, NFT Collaboration
Bybit, one of the top 10 crypto exchanges by spot volume, has entered into a major sponsorship agreement with the Formula One team Oracle Red Bull Racing, with the exchange now taking on a new role of the “Issuance Partn...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Bybit, one of the top 10 crypto exchanges by spot volume, has entered into a major sponsorship agreement with the Formula One team Oracle Red Bull Racing, with the exchange now taking on a new role of the “Issuance Partner” for fan tokens and non-fungible tokens (NFTs) for the racing team.
With a value of USD 50m per year for three years, totaling USD 150m, the deal marks the largest sponsorship agreement on a per-year basis for any crypto company in sports....
Read More: Bybit Enters USD 150M Deal with Red Bull F1 Team; Plans Fan Token, NFT Collaboration
Why this matters
This nft story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptonewsRelated market context
Hyperliquid Labs to sell 3.75M HYPE tokens in private deal on Oct 7
The private sale of HYPE tokens may stabilize market prices by reducing public supply, but uncertainty about buyer intentions fuel...
Cboe, S&P Dow Jones may explore tokenized options contracts under extended licensing deal
The agreement opens the door to tokenized derivatives as some of Wall Street's biggest institutions, including Nasdaq, NYSE and DT...
DeFi Development Corp Adds 47,706 SOL As Treasury Passes 2.5M Tokens
TL;DR DeFi Development Corp added approximately 47,706 SOL and SOL equivalents since September 21. Total holdings have reached rou...
SEC changes token buyback guidance as spending hits $638M
The US Securities and Exchange Commission tightened its guidance for crypto token buybacks just three days after publishing it. On...
Abracadabra Moves to Shut Down MIM Stablecoin, Offering Holders Roughly 4 Cents per Token
The team running Abracadabra has proposed shutting down the lending protocol and its Magic Internet Money (MIM) stablecoin, with M...
Token Spotlight: What is SoFiUSD (SOFID)?
Key takeaways SoFiUSD (SOFID) is a stablecoin, a crypto asset designed to hold a steady value of about one US dollar rather than m...