The popular Formula 1 team Oracle Red Bull Racing;has signed;a multiyear sponsorship deal with Mysten Labs, the firm behind the Layer-1 blockchain network Sui.
As part of the agreement, Sui has become the official;blockchain;partner of Oracle Red Bull Racing.
The partnership will see the Sui logo appearing on both Oracle Red Bull Racing's cars and the jackets of drivers and pit crew.
- Mysten Labs will also develop a series of immersive digital experiences for fans on behalf of the team over the coming months.
- Oracle Red Bull Racing Team Principal and CEO;Christian Horner said the team is an;early adopter;of blockchain technology and will enhance this experience by partnering with Sui.
- The famous Formula 1 team also previously signed deals with the open-source blockchain Tezos and Dubai-headquartered crypto exchange Bybit.;
The Sui blockchain went live in May.
- Mysten Labs was founded by former executives of tech giant Meta's now-abandoned blockchain project, Diem, just like the Aptos project.
- Over the last several years, crypto gained massive popularity in Formula 1, with many crypto-related firms signing deals with racing teams, such as;OKX,;Kraken, and Crypto.com.
- Last year, all 10 Formula 1 teams had at least one sponsorship with crypto firms.