Sui Blockchain Creator Inks Deal With F1’s Red Bull Racing Team

Working with the racing organization allows company to introduce Web3 technology capabilities to a new audience, exec says 

article-image

Midjourney modified by Blockworks

share

Another crypto company is moving into the Formula 1 arena.

Web3 infrastructure firm Mysten Labs is linking up with Oracle Red Bull Racing — a team featuring drivers Max Verstappen and Sergio Perez that has had six wins in six 2023 races. 

The company declined to disclose the terms of the multi-year deal.

Led by former Facebook employees, Mysten Labs introduced layer-1 platform Sui last year. The blockchain’s mainnet went live on May 3, 2023. 

Adeniyi Abiodun, Mysten Labs’ co-founder and chief product officer, told Blockworks that working with the racing organization allows the company to introduce Web3 technology capabilities to an entirely new audience. 

“Oracle Red Bull Racing, with its global fanbase, offers an excellent use case for the kind of community engagement that our decentralized technology allows,” he added.

“Immersive experiences” stemming from the partnership are set to be announced in the coming weeks. 

“The Sui Network and the team behind it are the best possible partners to help Red Bull use the latest peer-to-peer technologies to build a deeper, more fulfilling connection with the supporters of our racing team,” Red Bull Racing Team Chief Christian Horner said in a statement. 

The new partnership comes after a new NFT ticketing system debuted around last weekend’s Monaco Formula One Grand Prix — the latest example of the crypto and racing worlds colliding.  

Crypto.com became the first crypto sponsor of Formula One in 2021 as part of a reported $100 million deal and became a title partner of Formula One’s Miami Grand Prix race in February 2022.

Crypto exchange OKX revealed a partnership with McLaren Racing in May 2022 as part of a multi-year deal worth “hundreds of millions,” a spokesperson told Blockworks at the time.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Featured.png

Research

Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.

article-image

The DeFi Education Fund has ideas on how the crypto-friendly SEC can bring Commissioner Peirce’s vision to life

article-image

“Be prepared to do more with less,” Framework Ventures’ Michael Anderson said

article-image

Q1 may have been “frustrating,” but things are looking brighter for Q2

article-image

Tokens worth 20% of the current supply of the TRUMP memecoin launched by the president are set to be unlocked tomorrow

article-image

A crypto-industry lawsuit is “moot” now that Joint Resolution 25 has been signed into law

article-image

Fed Chair Powell assured markets that the labor market is in “good place,” dependent on price stability