Bybit, based in Singapore, along with Oracle Red Bull Racing (RBR), a team that competes in Formula One, have announced the debut of their collaborative e-sports program, called Bybit Performance Accelerator.
The program aims to improve the overall performance of high-level e-athletes who participate in international tournaments.
What exactly is the Bybit Performance Accelerator?
The goal of the Bybit Performance Accelerator program is to aid participants in acquiring a competitive advantage over their rivals while also evaluating the participants’ mental and physical well-being through the use of a regulated workout schedule.
In addition to their fitness exercise, Christian Horner, Team Principal and CEO of Oracle Red Bull Racing, believes (1) that maintaining a healthy mental state is essential for all athletes. The Bybit Performance Accelerator was designed to address this important aspect of athletes’ training.
Wellness experts lead the Bybit Performance Accelerator program with various focuses and areas of expertise.
Already, the Oracle Red Bull Racing Esports team drivers have shown considerable improvements in their overall performance.
Because of this, the team achieved a high number of victories in the 2022 F1 Esports Series and finished in second place overall in the Teams’ Championship.
Partnership Worth Many Millions
It was confirmed in February 2022 that Red Bull Racing would be working with Bybit for 3 years at an estimated annual fee of $50 million. The partnership would last until 2025. This came as a direct result of the team’s recent achievements in Formula One.
According to the press release, the fee would be paid using a combination of traditional currencies and BitDAO coins (BIT).
The company stated then that the partnership intended to boost the F1 team’s fan interaction by leveraging its skills as a bitcoin exchange.
Bybit will, following the terms of the agreement, act not just as an issuer of fan tokens but also as a digital incubator for Red Bull Racing.
This indicates that the exchange will assist the team in spreading its digital asset collections and supporting its other efforts, like the Red Bull Technology Campus in Milton Keynes, which is for talent development.
Bybit Has Stopped Accepting Payments in US Dollars
Meanwhile, Bybit indicated in a recent release that they’d no longer be processing money transfers for USD transactions, and they have set the cutoff date for withdrawals to be March 10, 2023. The exchange has announced that it would stop the withdrawal of USD funds via wire transfer (including SWIFT).
Bybit made this choice one month after Binance, the most significant digital assets exchange regarding trading volume, halted dollar payments in the aftermath of the crisis at Silvergate.
The previous week saw the announcement made by Silvergate Capital, a significant lender in the bitcoin sector, that it will halt operations and dissolve its bank.