Red Bull partners with Mysten Labs’ Sui Network.

The Red Bull Formula One Racing team has announced a multi-year partnership with Mysten Labs’ Sui Network. This announcement comes less than a month after the Sui Network launched its blockchain mainnet.

The Sui Network has been named as the official blockchain partner for the Red Bull racing team, which is set to compete in Spain on Sunday, June 4. The partnership aims to showcase the potential of web3 technology in enabling human connections. Fans can expect immersive digital experiences in the coming months.

Oracle Red Bull Racing will team up with Mysten Labs for real-world and online activities as part of the multi-year deal. Christian Horner, the Oracle Red Bull Racing Team Principal and CEO, has commented on the collaboration, saying that the team recognizes the potential of blockchain technology in connecting fans across the world in a unique and forward-thinking way. With Sui, this experience will become more accessible, secure and engaging.

More About Mysten Labs

Mysten Labs was founded by former Meta developers who had been working on the abandoned Diem project. In September, the company secured a funding round of $300 million, valuing the startup at over $2 billion.

The launch of the Sui mainnet in May 2020 was a significant milestone for the company, positioning it as a competitor to other decentralized apps and game platforms like Aptos and Solana. Evan Cheng, Co-Founder and Chief Executive Officer of Mysten Labs, has stated that the potential of blockchain technology to change the way humans transact, interact, and communicate is enormous.

Red Bull has been actively building partnerships in the blockchain and crypto sectors. In 2022, the Red Bull Formula One Racing team signed a $150 million sponsorship deal with crypto exchange Bybit. Bybit will initiate crypto-related activities to enhance fan engagement and promote greentech growth as the Fan Token Issuance Partner.

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