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The deal will see Sui roll out a series of digital experiences for racing fans.
At press time, the SUI token was trading at $0.9587, down 1.07%.
Oracle Red Bull Racing has made several crypto partnerships recently including with Bybit.
Sui Blockchain, whose mainnet was launched at the beginning of May 2023 has today sealed a multiyear partnership deal with Formula One’s Oracle Red Bull Racing team. The deal makes Sui the blockchain partner of the Oracle Red Bull Racing team.
Sui’s parent company Mysten Labs is a renowned company since it is one of the two spin-offs of Meta Platform’s Diem project. Mysten’s sister company is Aptos Labs which is famous for the Aptos (APT) cryptocurrency.
When the Sui Network mainnet was launched, leading cryptocurrency exchange UPbit announced it was listing two SUI pairs: BTC/SUI and KRW/SUI.
SUI price reaction
Today’s partnership announcement is expected to bring some life into the price of the SUI token, which has been on the decline since hitting its all-time high of $1.72 on May 03, 2023, which was immediately after the mainnet launch.
SUI price chart. Source: Coinmarketcap
The token has lost 78.75% value in the past month.
Red Bull’s foray into the crypto industry
This is not the first crypto deal that Red Bull is signing. Last year, the Formula One racing team signed a $150 million deal with Bybit, a derivatives cryptocurrency exchange that recently expanded into crypto lending.
However, commenting on the deal with Sui blockchain, the Oracle Red Bull Racing Team Principal and CEO Christian Horner said:
“Oracle Red Bull Racing was an early adopter of Blockchain technology in Formula 1. Partnering with Sui will elevate that experience, making access easier, more secure and engaging.”
The Red Bull Team said that Sui Blockchain will be releasing a series of digital experiences for racing fans over the coming months.
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