Sui Blockchain today announced a multiyear partnership deal with Formula One’s Oracle Red Bull Racing team. It will make Sui the blockchain partner of the Oracle Red Bull Racing team. The announcement comes at the heels of the Sui Network mainnet launch which took place at the beginning of May 2023.
The deal is expected to bring some life into the price of the SUI token, which has been on the decline since hitting its all-time high of $1.72 on May 03, 2023. At press time, the SUI token was trading at $0.9587, down 1.07%.
The parent company of Sui, Mysten Labs, is one of the two spin-offs of Meta Platform’s Diem project. Mysten’s sister company is Aptos Labs which is famous for the Aptos (APT) cryptocurrency.
Leading cryptocurrency exchange UPbit announced it was listing two SUI pairs: BTC/SUI and KRW/SUI when the Sui Network mainnet was launched.
The Oracle Red Bull Racing Team Principal and CEO Christian Horner said:
“Oracle Red Bull Racing was an early adopter of Blockchain technology in Formula 1. Partnering with Sui will elevate that experience, making access easier, more secure and engaging.”
The Red Bull Team said that Sui Blockchain will be releasing a series of digital experiences for racing fans over the coming months. This isn’t the first crypto deal that Red Bull is signing. Last year, the Formula One racing team signed a $150 million deal with Bybit, a derivatives cryptocurrency exchange that recently expanded into crypto lending.
SUI price chart. Source: Coinmarketcap
