Red Bull Formula One team signs cryptocurrency sponsor

LONDON (AP) — Red Bull’s Formula One team has signed what it described as the most lucrative annual cryptocurrency sponsorship in sports. The deal with Bybit is worth more than $100 million across three years for the team that is home to reigning world champion Max Verstappen. Red Bull says Bybit will work with the team on “crypto-literacy” by educating on the digital economy. The unregulated cryptocurrency exchange has been running for almost four years. The price of crypto is prone to high volatility, sparking concerns about the risks of investing.