Formula 1’s Red Bull Racing forges crypto alliance with Mysten Labs
Quick Take
- Mysten Labs will create immersive web3 experiences for Red Bull Racing fans.
- The top-ranked Formula 1 team has also previously inked deals with both Tezos and Bybit.
Formula 1’s top-performing team Red Bull Racing is partnering with yet another crypto company.
Red Bull Racing and Mysten Labs have announced a new partnership that will utilize Mysten’s Sui blockchain, which launched earlier this month. As part of the deal, Mysten will create “immersive experiences for fans” on behalf of the team, while the Sui logo appears on both Red Bull Racing’s cars and the jackets of drivers and pit crew.
Mysten co-founder and CEO Evan Cheng appears eager, like many crypto startups, to remind the public that some blockchain startups are focused on providing services and solutions that have nothing to do with trading digital currencies or playing video games. “The potential of Web3 to fundamentally change the way humans transact, interact and communicate extends far beyond the basic cryptocurrency trading apps or the NFT card games we have seen so far,” he said in a statement.
Cheng and three other former Meta employees founded Mysten in 2021. The company's Sui network is a Layer 1 blockchain positioned as a more efficient alternative to competitors like Solana, Aptos and Sei.
This is not Red Bull Racing’s first partnership with a crypto company. The team has also previously struck sponsorship deals with Tezos and the trading platform Bybit, which agreed last year to pay Red Bull Racing $150 million.
The announcement comes ahead of this weekend’s Formula 1 race in Spain.
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