Sui Blockchain Signs Multiyear Deal With Red Bull Racing

Sui plans to roll out a series of digital experiences for racing fans over the coming months.

Sui, a blockchain platform that recently launched less than a month ago, has entered into a long-term agreement to become the blockchain partner of Oracle Red Bull Racing, a Formula One team. Following the announcement, the native token of the Sui blockchain, SUI, initially increased by 1.7% in value before retracting.

This collaboration marks Red Bull's second venture into the cryptocurrency industry, as they previously secured a $150 million agreement with the derivatives exchange Bybit last year. The team has expressed its plans for Sui to introduce a range of digital experiences for racing enthusiasts in the upcoming months.

Sui's token was issued on May 3 and debuted at $1.35 after earlier being sold at between $0.03 and $0.10. It is currently trading at $0.72.

“Oracle Red Bull Racing was an early adopter of Blockchain technology in Formula 1," Oracle Red Bull Racing Team Principal and CEO Christian Horner said. "Partnering with Sui will elevate that experience, making access easier, more secure and engaging.”