• Sui Blockchain has partnered with Formula One’s Oracle Red Bull Racing team.
• The partnership will see Sui roll out a series of digital experiences for racing fans and increase the visibility of its SUI token.
• The SUI token is currently trading at $0.9587, down 1.07%.
Sui Blockchain Partners with Oracle Red Bull Racing Team
Sui Blockchain has announced a multi-year partnership deal with Formula One’s Oracle Red Bull Racing team. The deal makes Sui the blockchain partner of the Oracle Red Bull Racing team and will see them roll out a series of digital experiences for racing fans. This is not the first crypto deal that Red Bull is signing, as they have had several similar partnerships in recent years.
SUI Token Price Reaction
The announcement of the partnership is expected to bring some life into the price of the SUI token, which has been on a decline since it hit its all-time high of $1.72 on May 03, 2023, just after the mainnet launch. At press time, the SUI token was trading at $0.9587, down 1.07%. UPbit announced it was listing two SUI pairs: BTC/SUI and KRW/SUI when the Sui Network mainnet was launched earlier this year in May 2023.
Red Bulls Crypto Foray
Oracle Red Bull Racing Team Principal and CEO Christian Horner commented on their latest crypto endeavor by saying: “Oracle Red Bull Racing was an early adopter of Blockchain technology in Formula 1. Partnering with Sui will elevate that experience, making access easier, more secure and engaging.“ Last year they signed a $150 million deal with Bybit, which recently expanded into cryptocurrency lending services as well as derivatives trading exchange platform services for cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
Mysten Labs
Mysten Labs is one of two spin-offs from Meta Platform’s Diem project and parent company to Sui Blockchain whose mainnet was launched at the beginning of May 2023 . Aptos labs which is famous for its Aptos (APT) cryptocurrency also falls under Mysten Labs umbrella company alongside other notable projects such as Polygon where Deutsche Telekom recently partnered up to become a validator node operator and Transak which recently raised $20M in Series A funding from Web3 payments provider services such as MetaMask Pay or Coinbase Wallet integration options are offered to users through Transak’s API suite .
Conclusion
In conclusion , this new partnership between Sui blockchain and Oracle Red Bull Racing could be very beneficial for both parties involved , providing better access , security , engagement opportunities for racing fans , while giving sui blockchain more exposure in this space .