The Sui network, backed by Mysten Labs, has announced a multiyear partnership with the Red Bull Formula One Racing team less than a month after the blockchain’s mainnet went live.
In a June 1 announcement, Sui said it would be the official blockchain partner of the racing team, scheduled to compete in Spain on June 4. Greg Siourounis, managing director of the Sui Foundation, said the partnership was aimed at “demonstrat[ing] how web3 enables human connections,” while the announcement suggested “immersive digital experiences” for fans in the coming months.
Mysten Labs stepped up work on the Sui network following Meta shutting down its Diem project in 2022. The network, based on Rust-based programming language Move, went live on May 3, prompting major crypto exchange Binance to start offering trading pairs for the SUI token.
In 2022, the Red Bull Formula One Racing team signed a $150-million sponsorship deal with crypto exchange Bybit. However, the racing division of luxury car manufacturer Ferrari announced in January its Formula One team had cut ties with Velas Blockchain and chip manufacturing firm Snapdragon.