The Sui network, backed by Mysten Labs, announced a multi-year partnership with the Red Bull Formula 1 racing team less than a month after its blockchain mainnet went live.
In a june 1 anNOUNCEMENT, sui said it will be, the official blocks of the racing team, scheeduled to race in spain on Juneis, m Anaging Director of the Sui Foundation, Said the Partnership Aims to "DemonStrate How Web3 Can Enable human-to-human connection," while the announcement suggests "immersive digital experiences" for fans in the coming months. After Meta closes its Diem project in 2022, Mysten Labs ramps up work on the Sui network. The network, based on the Rust -based programming language Move, went live on May 3, prompting major cryptocurrency exchange Binance to begin offering trading pair tokens for SUI.
In 2022, the Red Bull Formula One racing team signed a $150 million sponsorship deal with cryptocurrency exchange Bybit. However, the racing division of luxury automaker Ferrari announced in January that its Formula 1 team had severe ties with Velas Blockchain and chip manufacturing company Snapdragon.
