Red Bull F1 Team chooses Mysten Labs as official blockchain partner
On Thursday, the Red Bull Formula 1 racing team announced that it has partnered with Mysten Labs with plans to use blockchain technology to connect with fans in new and exciting ways. Mysten Labs is the company behind the Sui network, and Red Bull Racing’s jackets and cars will now feature the logo.
Red Bull Racing will adopt Mystens’ Sui network
On June 1, Red Bull Racing announced that it has chosen Mysten Labs, the team behind the Sui network, as its official blockchain partner. Mysten was founded in late 2021 by a team of former Meta employees with the goal of making web3 “fast, private, secure and accessible to everyone”.
Among other things, the partnership is aimed at increasing and improving the Formula 1 team’s connection and interaction with the fans. Red Bull Racing boss Christian Horner commented that he hopes the collaboration with Mysten will also help make that connection “easier, safer and more engaging”.
Evan Cheng, CEO of Mysten Labs, was similarly excited about the partnership. Commenting on it, he highlighted blockchain’s ability to “fundamentally change the way people act”, highlighting the collaboration with Red Bull as a way to “demonstrate the true power of blockchain technology”.
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Mysten Labs and Kraken are now joining F1 Racecars
Mysten Labs is not Red Bull Racing’s first foray into web3, and the team has been, as the CEO pointed out, among the early adopters of web3 when it comes to Formula 1. Previously, it had partnered with Tezos in 2021.
A little more than a year later, towards the end of 2022, the partnership between Reb Bull and Tezos ended in the wake of several high-profile scandals and collapses that affected the digital asset industry through the “crypto winter”.
Red Bull is also not the only Formula 1 team that has decided to create a partnership with a blockchain company. Earlier this year, Williams Racing announced that it had teamed up with cryptocurrency exchange Kraken to similarly create new experiences for its fans.
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About the author
Tim Fries is the co-founder of The Tokenist. He has a B. Sc. in mechanical engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate in the investment team at RW Baird’s US Private Equity division and is also a co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.