FILE – Red Bull Racing Team principal Christian Horner looks up during the qualifying session for the Japanese Formula One Grand Prix at the Suzuka Circuit in Suzuka, central Japan, Sept. 26, 2015. The Red Bull Formula One team has secured a new title sponsorship worth around $500 million with technology firm Oracle, placing it among the most lucrative commercial deals in sports. The five-year deal is a lift to the team ahead of the season beginning next month when Max Verstappen will be looking to defend his world title in a new Oracle Red Bull Racing car that was also revealed on Wednesday Feb. 9, 2022. (Yuriko Nakao/Pool via AP, file)

 

LONDON (AP) — Red Bull’s Formula One team has signed what it described Wednesday as the most lucrative annual cryptocurrency sponsorship in sports.

The deal with Bybit is worth more than $100 million across three years for the team that is home to reigning world champion Max Verstappen.

Red Bull said Bybit will work with the team on “crypto-literacy” by educating on the digital economy.

The unregulated cryptocurrency exchange has been running for almost four years. The price of crypto is prone to high volatility, sparking concerns about the risks of investing.

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