Formula 1 Blockchain: Gate.io becomes a sponsor of Red Bull Racing
Cryptocurrency exchanges are continuously seeking new channels for advertising and attracting new customers. As part of this effort, the trading platform Gate.io is now getting involved as a sponsor in Formula 1. The well-known Red Bull Racing team will promote Gate.io and blockchain in the future by displaying the branding on its racing cars.
Gate.io announced its entry into Formula 1 as a sponsor of Red Bull Racing during the race weekend in Singapore. The now well-established cryptocurrency exchange aims to enhance its global presence through cooperation in the premier class of motorsport and promises its users exclusive experiences on the edges of Formula 1. Gate.io is already among the top ten globally for daily trading volume.
Gate.io’s commitment with Red Bull Racing follows announcements from other major crypto platforms, such as Binance and FTX. These companies have also entered Formula 1 as sponsors or even title sponsors. At Red Bull Racing, Gate.io will replace the crypto company Bybit, which recently exited all sponsorships in motorsports.
The deal with Red Bull Racing is expected to run at least until the end of the 2024 season. The exact financial terms of Gate.io’s sponsorship were not disclosed, but such sponsorships in Formula 1 typically require mid to high double-digit million-dollar investments annually. Red Bull Racing, with its current successes and second place in the Constructors’ Championship, is considered a prestigious partner in the Formula 1 environment.
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