Crypto Exchange Bybit Teams Up With Red Bull For Athlete Dev’t Program
Singapore’s Bybit and Formula 1 team Oracle Red Bull Racing (RBR) have announced the launch of their joint eSports program, the Bybit Performance Accelerator.
The program has been developed to increase the performance of elite e-athletes who participate in international competitions.
Bybit Performance Accelerator: What is it?
The Bybit Performance Accelerator program is intended to assess participants’ physical and mental well-being through regulated exercise and to help them gain a competitive edge over their competitors.
According to Christian HornerTeam Principal and CEO of Oracle Red Bull Racing, mental well-being is essential for all athletes in addition to physical training, and the Bybit Performance Accelerator is intended to address this key part of training.
Image: Motorsport.com
The Bybit Performance Accelerator The course is carried out by wellness specialists with various specialisations. Already, the performance of the Oracle Red Bull Racing Esports team’s drivers has increased significantly.
This enabled the squad to take many victories in the 2022 F1 Esports Series, as well as a runner-up finish in the Team Championship.
Multi-million dollar partnership
In February 2022, it was revealed that Red Bull Racing would be collaboration with Bybit for three years at a reported annual rate of $50 million. This came on the heels of the team’s recent success in F1.
The release states that the fee will be paid in a combination of fiat currency and BitDAO (BIT) tokens.
The company said at the time that the deal aims to increase the F1 team’s fan engagement by leveraging its skills as a cryptocurrency exchange.
As part of the agreement, Bybit will act as both an issuer of fan tokens and a digital incubator for Red Bull Racing.
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This means the exchange will help the team spread its digital asset collections and support its other efforts, such as the Red Bull Technology Campus in Milton Keynes for talent development.
Bybit stops deposits in US dollars
Meanwhile, in a recent announcement, Bybit stated that it would no longer accept wire transfers for USD payments, setting the limit for withdrawals to March 10, 2023. According to the exchange, it will stop wire transfer withdrawals of USD (including SWIFT).
The decision by Bybit comes a month after Binance, the largest digital asset exchange by trading volume, suspended dollar transactions amid a crisis at Silvergate.
Last week, Silvergate Capital, a major lender in the cryptocurrency sector, announced that it will cease operations and liquidate the bank.
– Featured image from Oracle Red Bull Racing/Twitter
