On Thursday, Red Bull’s Formula One racing team announced it has partnered with Mysten Labs with the plans to utilize blockchain technology to connect with fans and novel and exciting ways. Mysten Labs is the company behind the Sui network and Red Bull Racing’s jackets and cars will now feature its logo.
Red Bull Racing to Adopt Mysten’s Sui Network
On June 1st, Red Bull Racing announced it has selected 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”.
The partnership is aimed at, among other goals, boosting and improving the Formula One team’s connection and interaction with its fans. Red Bull Racing CEO, Christian Horner commented that he hopes the cooperation with Mysten will also help make that connection “easier, more secure and engaging.”
Evan Cheng, the CEO of Mysten Labs, was similarly enthusiastic about the partnership. Commenting on it, he highlighted blockchain’s ability to “fundamentally change the way humans transact,” and highlighted the teaming up with Red Bull as a way to “demonstrate the true power of blockchain technology”.
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Mysten Labs and Kraken to Now Feature on F1 Racecars
Mysten Labs isn’t Red Bull Racing’s first foray into web3 and the team has been, as its CEO pointed out, among the early adopters of web3 when it comes to Formula One. Previously, it had partnered with Tezos in 2021.
A little more than a year later, toward the end of 2022, the partnership between Reb Bull and Tezos came to an end in the aftermath of multiple high-profile scandals and collapses that affected the digital assets industry throughout the “crypto winter”.
Red Bull is also not the only Formula One team to have decided to create a partnership with a blockchain company. Earlier this year, Williams Racing announced it had teamed up with the cryptocurrency exchange Kraken to similarly create novel experiences for its fans.
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Do you think partnerships like the one between Red Bull and Mysten can help facilitate mass web3 adoption among Formula One racing fans? Let us know in the comments below.
About the author
Tim Fries is the cofounder 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 on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
