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Bybit and Formula One Team RBR Announce Their Joint E-Sports Program

Bybit, a crypto exchange, has partnered with Red Bull for an athlete development program.

Bybit Singapore a crypto exchange and Formula One team Oracle Red Bull Racing (RBR) has announced the launch of Bybit Performance Accelerator, a joint e-sports program. The program aims to improve the performance of elite e-athletes competing in international competitions.

The Bybit Performance Accelerator program is designed to assess participants’ physical and mental well-being through structured exercise and help them gain a competitive advantage over their competitors. According to Christian Horner, Team Principal and CEO of Oracle Red Bull Racing, mental wellness is as important as physical training for all athletes, and the Bybit Performance Accelerator is designed to address this important aspect of training. The Bybit Performance Accelerator course is taught by wellness experts with a wide range of specializations. The Oracle Red Bull Racing Esports Program team’s drivers’ performance has already improved significantly. This allowed the team to win numerous races in the 2022 F1 Esports Series and finish second in the Teams’ Championship.

Red Bull Racing announced a three-year partnership with Bybit for a reported annual rate of $50 million in February 2022. This followed the team’s recent success in Formula One. According to the press release, the fee would be paid in a combination of fiat currency and BitDAO (BIT) tokens. The agreement, according to the company, aims to increase the F1 team’s fan engagement by leveraging its expertise as a cryptocurrency exchange. As part of the agreement, Bybit will act as a fan token issuer as well as a digital incubator for Red Bull Racing.

As a result, the exchange will help the team spread its digital asset collections and support other initiatives, such as the Red Bull Technology Campus in Milton Keynes for talent development.

Meanwhile, Bybit recently announced that they would no longer accept bank transfers for USD payments, with the withdrawal deadline set for March 10, 2023. According to the exchange, wire transfer withdrawals of USD will be suspended (including SWIFT). Bybit’s decision comes less than a month after Binance, the largest digital asset exchange by trading volume, suspended dollar transactions amid a Silvergate crisis. Silvergate Capital, a major cryptocurrency lender, announced last week that it will cease operations and liquidate its bank.