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Sui Blockchain Signs Multiyear Deal With Red Bull Racing

Sui will roll out a series of digital experience for racing fans over the coming months.

By Oliver Knight|Edited by Sheldon Reback

Updated Jun 2, 2023, 4:28 p.m. Published Jun 1, 2023, 2:09 p.m.

Sui, whose blockchain went live less than a month ago, has signed a multiyear deal to become the blockchain partner of Formula One's Oracle Red Bull Racing team. The blockchain's native token (SUI) rose by 1.7% before receding on the news.

This is not Red Bull's first foray into the crypto industry. Last year it signed a $150 million deal with derivatives exchange Bybit. The team said Sui will roll out a series of digital experiences for racing fans over the coming months.

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Sui's token was issued on May 3 and debuted at $1.35 after earlier being sold at between $0.03 and $0.10. It is currently trading at $0.97.

“Oracle Red Bull Racing was an early adopter of Blockchain technology in Formula 1," Oracle Red Bull Racing Team Principal and CEO Christian Horner said. "Partnering with Sui will elevate that experience, making access easier, more secure and engaging.”

Sui sponsorship deals On-chain Data Formula 1

Oliver Knight

Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.