P1racenews AI automatic summary:
Red Bull has filled a sponsorship void by signing a new multi-year partnership with Gate.io entering the F1 space for the first time.
Gate.io has secured a significant partnership as the official crypto exchange partner for Red Bull, replacing Bybit in this role. Bybit’s previous three-year deal with Red Bull reportedly valued at $150 million was not extended, opening the way for Gate.io to step in as Red Bull’s new F1 sponsor. This new collaboration will prominently feature the Gate.io logo on the RB21, Red Bull team kit, driver and crew overalls, and Max Verstappen’s helmet. Red Bull CEO and Team Principal Christian Horner expressed excitement about welcoming Gate.io to the team, highlighting the shared passion for technological innovation. Gate.io’s founder and CEO, Dr. Lin Han, emphasized the parallel between innovation in blockchain and performance on the racetrack, underlining the brand’s commitment to advancing blockchain technology for greater transparency and efficiency in digital finance, while exploring new intersections with global industries like motorsport.
