Red Bull Racing's Multimillion-Dollar Crypto Leap: Sui Blockchain Joins The Formula One Pit Crew

Sui secured a multiyear partnership with Formula One's Oracle Red Bull Racing team, marking its most significant collaboration since its inception as a blockchain less than a month ago.

The news nudged the value of Sui's native token (CRYPTO: SUI) up by 1.7%, albeit temporarily.

Also Read: No More Crypto Roller Coasters: Hong Kong's First Digital's Stablecoin Promises Smooth Ride

Launched on May 3, Sui's token began trading at $1.35, following its initial offering at a price range of $0.03 to $0.10. At present, the SUI token's market value stands at $0.97.

This partnership isn't Oracle Red Bull Racing's maiden venture into the world of digital currencies.

The racing team had previously inked a $150 million agreement with Bybit, a derivatives exchange, last year.

As a result of this new alliance with Sui, racing enthusiasts can expect an array of digital experiences in the coming months.

Christian Horner, the team principal, and CEO of Oracle Red Bull Racing, recognized the team's early adoption of blockchain technology within Formula One.

He expressed confidence that the partnership with Sui would take this engagement to new heights, ensuring secure, straightforward and engaging experiences for fans.

Read Next: EU Addresses Regulatory Challenges In Digital Finance, Crypto Assets After MiCA