Sui Blockchain partners with Oracle Red Bull Racing team in Formula One.
- Sui Blockchain has entered into a multiyear partnership deal with Oracle Red Bull Racing team, which will see the former launching a series of digital experiences for racing fans.
- As of now, the SUI token was trading at $0.9587, a decline of 1.07%.
- Recently, Oracle Red Bull Racing has partnered with Bybit and made several other crypto partnerships.
Founded in May 2023, Sui Blockchain has become the blockchain partner of Oracle Red Bull Racing team. Sui Blockchain’s parent company is Mysten Labs, which is one of the two spin-offs of Meta Platform’s Diem project. Aptos Labs is the sister company of Mysten Labs, known for its Aptos (APT) cryptocurrency.
When the Sui Network mainnet was launched, UPbit, a leading cryptocurrency exchange, announced the listing of two SUI pairs: BTC/SUI and KRW/SUI.
SUI price reaction
It is anticipated that the partnership announcement will boost the price of the SUI token, which has declined by 78.75% in the past month, since reaching its all-time high of $1.72 on May 03, 2023, right after the mainnet launch.
Red Bull’s foray into the crypto industry
Red Bull is not new to crypto deals. 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 partnership with Sui blockchain, the Oracle Red Bull Racing Team Principal and CEO Christian Horner said:
- AI may attempt to sabotage your cryptocurrency.
- CoinDesk’s 10th Anniversary ICO Era – Success Factors?
- T-Mobile owner becomes a Polygon validator using blockchain.
“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.”
Sui Blockchain is expected to launch several digital experiences for racing fans in the coming months.
