Crypto Exchange Bybit Teams Up With Red Bull For Athlete Dev’t Program

Singapore’s Bybit and Formula One team Oracle Red Bull Racing (RBR) have announced the launch of their joint e-sports program, Bybit Performance Accelerator.

The program is designed to boost the performance of elite e-athletes participating in international competitions. 

Bybit Performance Accelerator: What Is It?

The Bybit Performance Accelerator program is intended to assess participants’ physical and mental well-being through regimented exercise and to assist them in gaining a competitive advantage over their competitors.

According to Christian Horner, Team Principal and CEO of Oracle Red Bull Racing, mental wellness is essential for all athletes in addition to physical training, and the Bybit Performance Accelerator is intended to tackle this key part of training.

The Bybit Performance Accelerator course is conducted by wellness specialists with diverse specializations. Already, the performance of the Oracle Red Bull Racing Esports team’s drivers has increased significantly.

This enabled the squad to earn many victories in the 2022 F1 Esports Series, as well as a second-place finish in the Teams’ Championship.

Multi-Million Dollar Partnership

In February 2022, it was revealed that Red Bull Racing would be partnering with Bybit for three years at a reported annual rate of $50 million. This came on the heels of the team’s recent success in F1.

The release states that the fee would be paid in a combination of fiat currency and BitDAO (BIT) tokens.

The company said at the time that the agreement intends to increase the F1 team’s fan engagement by leveraging its skills as a cryptocurrency exchange.

As part of the agreement, Bybit will serve as both an issuer of fan tokens and a digital incubator for Red Bull Racing. 

This means that the exchange will assist the team spread its digital asset collections and support its other efforts, such as the Red Bull Technology Campus in Milton Keynes for talent development.

Bybit Halts US Dollar Deposits

Meanwhile, in a recent announcement, Bybit stated that they would no longer be accepting bank transfers for USD payments, setting the cutoff for withdrawals to March 10, 2023. According to the exchange, it will halt wire transfer withdrawals of USD (including SWIFT).

The decision by Bybit comes a month after Binance, the largest digital assets exchange by trading volume, suspended dollar transactions in the midst of a crisis at Silvergate.

Last week, Silvergate Capital, a major cryptocurrency sector lender, announced it will cease operations and liquidate its bank.

-Featured image from Oracle Red Bull Racing/Twitter