Sui Network (SUI), which gained popularity among altcoin investors in anticipation of an airdrop, has risen after the Formula 1 partnership that emerged in the past minutes.
Sui Network (SUI) announces partnership with Red Bull Racing
Sui Network (SUI), which released its blockchain last month, has signed a multi-year partnership with Formula 1’s Oracle Red Bull Racing team.
According to the official announcement, Sui will offer a range of digital experiences for racing enthusiasts in the coming months.
https://twitter.com/SuiNetwork/status/1664263049623277576
Altcoin price rises independently of the market
Following the announcement made by Sui Network on its official Twitter account, the price of SUI rose by around 1.5%. In the same minutes, BTC and ETH were falling below 0.5%.
The Sui Network collaboration isn’t Red Bull’s first foray into the crypto industry. The Formula 1 team signed a $150 million deal with derivatives exchange Bybit last year. The team said Sui will offer a range of digital experiences for racing fans in the coming months.
As reported by Kriptokoin.com, Tezos started an NFT partnership with Formula-1 racing giant McLaren Racing Limited in 2021.
In partnership with Mysten Labs
The Red Bull Racing team also announced that they will form an alliance with Mysten Labs in the official announcement today. The multi-year deal will see the duo partner for real and online events. The first event will be held before the Spanish GP race in Barcelona this weekend.
Mysten Labs was founded by former Meta developers who built Facebook’s abandoned Blockchain project Diem. In its first days, last September, it raised $300 million at a valuation of over $2 billion. The Sui mainnet was launched in early May. The project has faced rivals like Aptos and Solana as targets for dapps and games.
https://twitter.com/redbullracing/status/1664263411361021952
Oracle Red Bull Racing leads the team standings for the current F1 season, with more than double the points of the second Aston Martin. Drivers Max Verstappen and Sergio Perez are first and second respectively in the drivers’ championship.
So far this season, only Red Bull drivers have won F1 races. Red Bull also won the tag team title last year. Verstappen is F1’s back-to-back champion.
Red Bull Racing partnerships
The team has another partner with Bybit in a three-year deal valued at $150 million in February 2022. The team is also powered by Cash App, a popular way to buy Bitcoin. Red Bull Racing has also previously partnered with Tezos. However, the deal with Tezos was canceled in December 2022. The other F1 team, Mercedes AMG Petronas, was previously supported by FTX. But he suspended his deal after the stock market crashed last November.
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