In mid-February of 2022, Oracle Red Bull Racing announced a multi-year partnership with cryptocurrency exchange Bybit, which is one of the fastest-growing cryptocurrency exchanges with more than 5 million registered users.
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As stated earlier, this partnership represents the single largest per-annum cryptocurrency venture yet seen in international sport. Let’s get to know Bybit with Igneus Terrenus, Head of Communications at the Singapore-based firm.
Bybit and Red Bull – sound like a thoroughly exciting pairing. Why did you choose Red Bull and what’s behind the picture?
Bybit’s global footprint overlaps with many Formula 1 races, actually. Now that the world is opening up again, we will work with Oracle Red Bull Racing as their Principal Team Partner on worldwide promotions to engage with their massive audience. Bybit also doubles as the Tech Incubator Partner to work on a range of crypto-inspired initiatives and on driving innovation through the development of green technologies with a focus on sustainability and inclusion programs.
Sportsmanship and the drive to be the best power Bybit just as much as they do athletes and race drivers. Whether you are in the business of innovative finance or competitive soccer, esports, or motor racing, you need to build a team, work hard, and craft a strategy. Sports are key to our global marketing strategy and brand awareness, so we’re always looking for partners in excellence. Bybit’s core ethos to support the next level of innovation, talent, and technology development echoes Oracle Red Bull Racing’s ambitions. The team changed the game in the same way that digital assets have changed the global financial system.
We are proud to also be partners to some of the top esports teams in the world, such as NAVI, Astralis, and Alliance, and to top-tier German Bundesliga football club Borussia Dortmund as well as J League football club Avispa Fukuoka.
Bybit has grown rapidly, so what’s the main reason for your success?
Last year, Bybit grew from a derivatives only trading platform to a full cryptocurrency marketplace, providing innovative online spot and derivatives trading services, mining and staking products, an NFT marketplace as well as API support, to retail and institutional clients around the world. We have increased fivefold our user base across more than 150 countries, with the average 24-hour trading volume in 2021 at $11.87 billion. Bybit welcomes regulation and we are keen to work with regulators in all the jurisdictions.
Bybit will also become the team’s exclusive primary market for non-fungible tokens. We have reached a point where it’s riskier not to be involved in crypto than otherwise.
Unlike other exchanges, Bybit takes a proactive approach to working with regulators before offering services and products to new markets. We have achieved this by continually reinvesting in our company by expanding our product lines, growing our talent pool, and making great partnerships. We have also upgraded our high standards in security and compliance. Bybit invests about 25% of our budget in security to safeguard our infrastructure – this is near twice the industry average. This is a highly competitive space in a fast-moving industry, and users can tell if you have put effort into your products and platform. With 24/7 customer support in multiple languages, no one is left out of our pledge to Listen, Care and Improve.
What do you expect from being present in the Formula 1 market? Basically, how can it help you grow even further?
Oracle Red Bull Racing’s global reach aligns with Bybit, with races and fans throughout our key markets for both businesses. Bybit brings world-class products and services which align with the racing team’s global reputation and expertise in high-performance and operational excellence.
According to research by global analytics company Nielsen Sports, Formula One is on course to reach about one billion fans across the globe this year, with the 16 to 35 age group accounting for the biggest share. This partnership is a great opportunity for us to share our brand with Formula One’s impressive audience and onboard them onto our unparalleled, one-stop crypto platform.
Additionally, Bybit shares Oracle Red Bull Racing’s passion for technology and dauntless resilience to break boundaries and challenge the status quo. We look forward to working closely with the Team on initiatives focused on promoting positive change in the world through sustainability, diversity, STEM and education.
As Oracle Red Bull Racing looks to grow fan engagement, Bybit will also become the Team’s exclusive primary market for non-fungible tokens (NFTs) and fan tokens to support the Team in the distribution of its growing digital asset collections.
How do you see the future of cryptocurrencies?
Cryptocurrencies have a bright future despite the recent turbulence that has affected all markets including crypto. We have reached a point where it’s riskier not to be involved in crypto than otherwise. We aim to continue revolutionizing the industry by fusing the best of cryptocurrency and traditional finance. Due to the unprecedented flow of capital, talent, and innovation into this space, there is no other asset class that offers anything like the returns available in the crypto markets. The volatility shouldn’t matter for those with a multiple-year timeframe, and it also creates opportunities for short-term traders.
You’ve got some global awards, such as the most reliable trading platform in 2020, just two years after Bybit started its journey. That’s quite impressive! Just how much work and commitment are behind results like these?
Thank you, at Bybit we relentlessly pursue excellence. Our army of programmers and blockchain experts are constantly working on keeping our 99.99% uptime and our massive throughput, which can handle up to 100,000 transactions per second. Our 24/7, multilingual client service team is always available to our users to ensure clients get the best trading experience. These qualities remain critical to our success.
How much do you need to learn if you want to earn with cryptocurrencies?
Cryptocurrencies can seem daunting at first, however, it’s actually very easy to create an account with us and buy cryptocurrencies for the future. For those who want to explore further, we have a full suite of materials under Bybit Learning, which is available on our website to support anyone with any level of trading experience to get started fast.
What would you suggest to someone who has no experience in trading crypto yet?
The growth of blockchain technology is outpacing the early years of the internet and, as the digital native generations inherit wealth, it will be natural for them to keep it in crypto. It’s simply a case of asking yourself if the world is getting more or less digital and will there be a growing demand for digital native money and assets. For us, the idea of keeping at least some of your portfolio in crypto is a no-brainer.
|Perpetual & Quarterly Futures||>100 contracts|
|Registered users||>5 million|