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

Decoding crypto and the markets. Daily, with Byron Gilliam.

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.

recent research

Unlocked by Template (11).png

Research

Union’s technical design brings measured improvements to crosschain interoperability. By combining a consensus-verified hub with novel constructs like state lenses and ZK proofs for client updates, Union achieves an interoperability protocol that is highly performant, trust-minimized, and scalable.

article-image

The US regulator will use Nasdaq’s system to detect manipulation across derivatives and prediction markets

by Blockworks /
article-image

SOL and HYPE have rebounded, dYdX course corrects (again)

article-image

Over 100 crypto firms and advocates urge Congress to shield open-source builders and non-custodial providers

by Blockworks /
article-image

The probabilities app is finding mainstream success

article-image

A stock by any other name — even “token” — is still a security

article-image

“Diverse opportunities emerge alongside macroeconomic tailwinds,” zondacrypto CEO says