Mysten Labs’ Sui network partners with F1 Red Bull racing team.

The Sui network, which has the backing of Mysten Labs, has announced a partnership with the Red Bull Formula One Racing team for several years. This announcement comes less than a month after the blockchain’s mainnet was launched.

Sui stated in a June 1 release that it would be the official blockchain partner of the racing team, which is scheduled to compete in Spain on June 4. The managing director of the Sui Foundation, Greg Siourounis, stated that the partnership was intended to “demonstrate how web3 enables human connections,” while the announcement hinted at “immersive digital experiences” for fans in the coming months.

Huge news: We’re officially teaming up with @redbullracing ! As the team’s Official Blockchain Partner, this multi-year partnership means that fans will have even more exciting ways to connect with Oracle Red Bull Racing. ️

— Sui (@SuiNetwork) June 1, 2023

Following Meta’s shutdown of its Diem project in 2022, Mysten Labs increased its efforts on the Sui network. The network, which is based on the Rust-based programming language Move, went live on May 3, prompting major crypto exchange Binance to begin offering trading pairs for the SUI token.

Related: SUI mainnet goes live as token sees immediate action on Binance, OKX, others

In 2022, the Red Bull Formula One Racing team signed a $150 million sponsorship deal with crypto exchange Bybit. However, the racing division of luxury car manufacturer Ferrari announced in January that its Formula One team had cut ties with Velas Blockchain and chip manufacturing firm Snapdragon.

Magazine: Billions are spent marketing crypto to sports fans — Is it worth it?