Oracle Red Bull Racing partners with Sui Blockchain in new sponsorship deal. Is crypto bull market back?

The Sui network, which is supported by Mysten Labs, has announced a partnership with the Red Bull Formula One Racing team that will last for several years.

Oracle Red Bull Racing signed an agreement with Mysten Labs, a Web-3 focused software company, to utilize the Sui Layer 1 blockchain and smart contract platform. This has made Sui the official blockchain partner of the team, according to the announcement.

The Oracle Red Bull Racing team claims to have conducted an extensive market analysis in order to find a blockchain partner that will empower race fans to engage in innovative ways. They said that Sui brings into the partnership an expanding range of digital experiences that are available globally and will enable fans to connect with Oracle Red Bull Racing via innovative and new methods.

According to Greg Siourounis, Managing Director of the Sui Foundation, the partnership “demonstrates how web3 enables human connections.” Similarly, Evan Cheng, Co-Founder and Chief Executive Officer of Mysten Labs, said that the deal would allow the teams to show “the true power” of blockchain and added: “The potential of blockchain technology to fundamentally change the way humans transact, interact and communicate is enormous.”

An Early Blockchain Adopter

Oracle Red Bull Racing Team Principal and CEO Christian Horner stated that Oracle Red Bull Racing was an early adopter of blockchain in Formula 1, recognizing its potential to connect fans globally.

In February 2022, the team signed a $150 million sponsorship agreement with crypto exchange Bybit, with the latter taking on the role of the “Issuance Partner” for the racing team’s fan tokens and non-fungible tokens (NFTs). The exchange was also designated a Principal Team Partner and a Tech Incubator Partner.

The Sui blockchain is a designated Proof-of-Stake (dPoS) blockchain. The protocol utilizes a modified version of the Move programming language, which was initially created at Meta (aka Facebook) before the social media giant stepped back from its Diem project. The Sui team launched the mainnet in May this year.

The price of SUI, Sui’s native token, was down nearly 1% today. At the time of writing (Friday morning, UTC), it was changing hands at $0.95. It was down 4% in a day and 16% in two weeks.

SUI price chart since the mainnet launch:

At the same time, the majority of the top 100 coins by market capitalization were up: Bitcoin (BTC) appreciated nearly 1% in a day and 2.4% in a week, trading at $27,133, while the price of Ethereum (ETH) increased 1.6% in a day and 4% in a week, to $1,892.


Learn more:

– Formula 1 Racing Team Secures $100 Million Sponsorship from Crypto Casino – Is The Bear Market Over? – Becomes Formula 1 Inaugural, Global, and NFT Partner – Crypto Sports Sponsorship Moves into Fast Lane with OKX F1 Deal – Blockchain Finds Its Place in Formula One – How To Get Fan Tokens on – Sorare Review (2022) – A Beginner’s Guide to Sorare Fantasy Football

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