With Formula One (F1) teams currently filling out their commercial partnership portfolios in the lead up to the 2022 season, Red Bull and Alpine have announced new significant cryptocurrency partnerships.

Red Bull Racing have signed up a multi-year partnership worth a reported US$50 million per year with cryptocurrency exchange firm, Bybit, ranking as the single largest per-annum cryptocurrency venture seen in international sport according to Autosport.

The partnership sees Bybit receive branding positioning on the front wing of Red Bull Racing’s 2022 car, as well as become Red Bull Racing’s fan token issuance partner, working with the F1 team on cryptocurrency initiatives.

The partnership will focus primarily on cryptocurrency innovations which promote sustainability, diversity, science, technology, engineering, and mathematics careers, as well as recognition and support for women in blockchain.

Red Bull Racing chief executive and team principal, Christian Horner, said: “I’m delighted to welcome Bybit to the team.”

“It’s fitting too that, as we enter a new generation of competition of Formula One in 2022, with an advanced and potentially game-changing new philosophy of cars taking to the track, that Bybit also exist at the cutting edge of technology,” Horner said.

Meanwhile, F1 team, Alpine, has signed a new partnership with cryptocurrency exchange platform, Binance, who will become the team’s official fan token partner, receiving branding positioning on the team’s car for 2022.

Discussing the new deal, Alpine CEO, Laurent Rossi, said: “BWT Alpine Formula One Team is not one to shy away from challenges, nor are we afraid to continually push the limit both on and off the track.”

“Partnering with Binance fuels our passion to change the racing landscape as well as open doors for more innovative fan engagement.

“This journey starts with the Alpine token launch and the unveiling of a special collection of NFTs,” Rossi said.

Elsewhere in the F1 world, a new report has revealed Formula One’s esports series have brought in more than 23 million viewers across digital platforms throughout 2021, increasing by 103% on 2020 figures.

The event which brought in the largest number of viewers was the Pro Championship, which drew 13.8 million digital viewers, with the F1 Esports Series Challengers series and the Pro Exhibition and Preview Show drawing the remaining viewers.

On the TV broadcast, the series increased from 269,000 total audience in 2020, to 858,000 in 2021.

The competitions also recorded a six million increase in social media engagements, reaching a total of 10.5 million engagements across all channels in 2021.