Bengaluru, February 17, 2022: Following Red Bull Motor racing conclusive F1 Formula One victories wins, the team of racer announced a major partnership totaling 50 M USD per year with cryptocurrency trading platform Bybit which is based in Singapore. According to the statement, the fee would’ve been levied in both currency and BitDAO (BIT) coins.
As per the firm, the collaboration aims to boost the F1 group’s audience engagement by utilising its cryptocurrency exchanges capabilities. As terms of the arrangement, Bybit will distribute fan coins and act as a technological incubation for Red Bull Race. This suggests that perhaps the platform might benefit the group disseminate its virtual currency holdings while also helping some other initiatives, which concentrates on talent acquisition.
About Bybit
Bybit is indeed a cryptocurrency derivatives exchange that offers a comprehensive set of high – level trading tools. It offers top-notch security as well as a pledge to no downtime, but it isn’t popular in the United States. Bybit allows you to trade cryptocurrencies with up to 100x leverage. That means that with a $100 deposit, you may trade a $10,000 position. Because leveraged trading increases the potential trading gains, experienced traders could make a lot of money. However, it also increases the risk.
Bybit claims to be able to process 100,000 transactions per second, much outpacing its competitors. It goes a long way in preventing any server downtime, which is a problem that a number of exchanges have anytime the market forces a large number of individuals to trade at the same time.
Bybit features a testnet site wherein new traders can practise trading methods as well as learn how to use the platform without risking their own money. It’s a good approach to become acquainted with these advanced — and often confusing — tools whether you’re new to derivatives.
CEO of Red Bull Racing, Christian Horner, expressed his excitement about the relationship. As per CEO, “Bybit encourages the group’s aim to be at the cutting edge of technology, to set the competing speed, and also to disrupt the status quo.” He is particularly happy with Bybit’s dedication to enhance the F1 fan experience via technological advances.
Regarding stated, Ben Zhou, stated that the team of the cryptocurrency exchanges shares Red Bull Racing’s fundamental principles and how that has altered the F1 sport in much the same manner that digital tokens have been transforming financial services. As per Zhou, Bybit had “found our remarkable similarity,” as well as “the right blend of quickness, security, as well as trustworthiness is like everything that consumers are finding for something on our network.”
One week ago, Bybit partnered with Cabital, a ramping service, to enable cryptocurrency transactions in € or British national currency. Bybit’s customers can purchase cryptocurrency on its trading platform to lower gas expenses thanks towards this ramping design.
Is Bybit Legit?
To safeguard your assets, Bybit has implemented a set of security precautions. Client monies are kept entirely offline in cold storage. To prevent unauthorised withdrawals, it also carefully examines each withdrawal request.
Bybit engages in a bug bounty programme, which promotes security experts to disclose any system flaws. All of its workers are also subjected to background checks.
Bybit has implemented two-factor authentication for transactions as well as account privacy controls at the user level.
