Sui Blockchain works with the Oracle Red Bull Racing team of Formula 1

• The deal states that Sui introduces a number of digital experiences for racing fans.
• At the time of printing, the SUI token was traded at $ 0.9587, which corresponds to a decline of 1.07 %.
• Oracle Red Bull Racing recently made several crypto partnerships, including with bybit.

SUI Blockchain, whose Mainset was started in early May 2023, sealed a multi-year partnership contract with the Formula 1 team Oracle Red Bull Racing today. The deal makes Sui a blockchain partner of the Oracle Red Bull Racing team.

SUIS parent company Mysten Labs is a renowned company because it is one of the two spin-offs of the Diem project of Meta Platform. Mystens sister company is aptos Labs, which is known for the Aptos (APT) cryptocurrency.

When the Sui Network-Minnet was started, the leading cryptocurrency exchange upbit announced that it lists two SUI pairs: BTC/SUI and Krw/Sui.

SUI price reaction

It is expected that today's announcement of the partnership will bring some life into the price of the Sui token, which has been declining

SUI price diagram. Source: Coinmarketcap

The token has lost 78.75 % of value last month.

Red Bull's advance into the crypto industry

This is not the first crypto deal that Red Bull signed. Last year the Formula 1 racing team signed a $ 150 million contract with Bybit, a derivative cryptocurrency exchange that recently expanded to the crypto loan.

The director and CEO of the Oracle Red Bull Racing Team, Christian Horner, commented on the deal with the Sui-Blockchain as follows:

"Oracle Red Bull Racing was one of the first users of blockchain technology in Formula 1. The partnership with SUI will improve this experience and make access easier, safer and more appealing."

The Red Bull Team said that Sui Blockchain will publish a number of digital experiences for racing fans in the coming months.