Sui Blockchain an innovative, decentralized Layer 1 blockchain that redefines assets ownership which went live less than a month ago, has pen down a multiyear deal to becoming 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 swoop into the crypto industry. Last year it signed a $150 million deal with derivatives exchange Bybit. The Oracle Red Bull team said Sui will roll out a series of digital experiences for racing fans over the coming months.
Sui’s token was issued and went live on May 3 and debuted at $1.35 after previously being sold between $0.03 and $0.10. It is currently trading at $0.97.
Oracle Red Bull Racing is one of the earliest adopter of Blockchain technology in Formula 1,” Oracle Red Bull Racing Team Principal and CEO Christian Horner said, “Partnering with Sui will heighten that experience, making access easier, more secure and engaging.”