Veloce hopes VEXT will grow audience engagement for its real and virtual motorsports activities after its launch as a tradable asset on the Bybit cryptocurrency exchange.
signed a multiyear agreement with Formula One team Red Bull in 2022
, which is also intended to involve the issuing of fan tokens. However, VEXT goes considerably beyond this, as it allows integration with digital assets such as online games, which can be enabled as competitive routes to earning token value. VEXT can also provide verification for access to exclusive online content.
"Our listing partnership with Bybit, rooted in their successful collaborations in Formula 1, perfectly aligns with our vision to integrate and elevate our established community through VEXT,” said Svendseon-Cook. “We're not simply following trends, but instead, authentically breaking new ground to evolve Veloce to connect our passionate and engaged community with a level of utility and governance within our ecosystem that we know will enhance the user experience.
The Veloce Group was founded in 2018 and is headquartered in London. It consists of Veloce Esports, which provides teams for Formula 1, and Veloce Racing, which is currently focused on Extreme E but with intentions to expand into other electric race series. Sustainability and cryptocurrency don’t usually sit well in the same sentence, but Polygon’s technology uses a proof-of-stake approach rather than proof-of work.
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