Sui, whose blockchain was launched less than a month ago, has entered into a multi-year agreement to serve as the official blockchain partner of Oracle Red Bull Racing, the renowned Formula One team. Following the announcement, the blockchain's native token (SUI) experienced a momentary increase of 1.7% before stabilizing.

 

Red Bull Racing has previously ventured into the cryptocurrency industry, having secured a $150 million deal with the derivatives exchange Bybit last year. As part of their collaboration, Sui will introduce a series of captivating digital experiences designed specifically for racing enthusiasts in the coming months.

 

Sui's token was initially issued on May 3, debuting at a value of $1.35 after being offered at prices ranging from $0.03 to $0.10. Currently, it is trading at $0.97.

 

"Oracle Red Bull Racing was one of the early adopters of Blockchain technology in the realm of Formula 1," expressed Christian Horner, the CEO and Team Principal of Oracle Red Bull Racing. "Teaming up with Sui will enhance that experience, simplifying access while ensuring greater security and engagement."

 

Source: Coindesk