Sui Network, backed by Mysten Labs, has announced a multi-year partnership with the Red Bull Formula One team less than a month after the blockchain mainnet went live.
On June 1, Sui advertisement which would be the official blockchain partner of the team, which will compete in Spain on June 4. Greg Siourounis, CEO of the Sui Foundation, said the partnership aimed to “demonstrate how web3 enables human connections” while the announcement suggested “immersive digital experiences” 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. Yo pic.twitter.com/7Gw8mbT3XH
—Sui (@SuiNetwork) June 1, 2023
Mysten Labs intensified its work on the Sui Network after Meta shut down its Diem project in 2022. The network, which uses the Rust-based Move programming language, went live on May 3, leading to popular cryptocurrency exchange Binance. to start offering trading pairs for the SUI token.
In 2022, The Red Bull Formula One team signed a $150 million sponsorship deal with the Bybit exchange. However, the racing division of the luxury automaker, Ferrari announced in January that its Formula One team had cut ties with the Velas Blockchain and chip manufacturing company; Snapdragon.
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