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The Sui Network, backed by Mysten Labs, announced a multi-year partnership with the Red Bull Formula One Racing team less than a month after the main blockchain network launched.
In the June 1st announcement, Sui said he would become the official blockchain partner of the racing team due to compete in Spain on June 4th. Greg Siorunis, managing director of the Sui Foundation, said the partnership aims to “demonstrate how web3 allows people to connect,” while the ad offered “an immersive digital experience” for fans in the coming months.
Huge news: We’re officially teaming up with @redbullracing!
As the team’s Official Blockchain Partner, this multi-year partnership means that fans will have even more exciting ways to connect with Oracle Red Bull Racing. ️ pic.twitter.com/7Gw8mbT3XH
— Sui (@SuiNetwork) June 1, 2023
Mysten Labs stepped up work on the Sui network after Meta shut down its Diem project in 2022. The network, based on the Rust-based Move programming language, went live on May 3, prompting major cryptocurrency exchange Binance to start offering trading pairs for the SUI.token.
Related: SUI Mainnet Launches as Token Lives Immediately on Binance, OKX and More
In 2022, Red Bull Formula One Racing signed a $150 million sponsorship deal with cryptocurrency exchange Bybit. However, the racing arm of luxury car maker Ferrari announced in January that its Formula One team had cut ties with Velas Blockchain and chip firm Snapdragon.