DUBAI, UNITED ARAB EMIRATES - Media OutReach - 12 May 2022 - Bybit, one of the world's fastest growing cryptocurrency exchanges, premiered the "Crypto Slang Challenge", the second episode of its crypto-inspired series #BybitLevelUpChallenges. Conceptualized as a beginner's guide to pave the way forward for the crypto curious in ways that are immediately relevant to race fans, the new episode features Oracle Red Bull Racing drivers Max Verstappen (2021 Formula 1 Drivers' World Champion) and Sergio 'Checo' Pérez on a crash course challenge to decipher the latest and most common crypto trading terms and slang in both the crypto and racing world. It turns out that both industries have a lot in common.

The Crypto-Racing Dictionary, created by Bybit to help F1 fans and crypto enthusiasts alike understand relevant terms that are applicable in both the crypto and racing world

Hosted exclusively on Bybit Race Insider and Bybit's official social channels (Twitter, Facebook, Instagram, LinkedIn), fans will be able to check out the drivers' performance in learning the meaning of crypto trading terms such as "HODL", "Gas Fees", "Bear Market", "Fiat on-ramp" or their favorite, "When Lambo".

F1 drivers are extremely competitive and confident by nature and both Max and Checo showed it on the Crypto Slang Challenge, as they tried to guess the meaning of terms and acronyms related to cryptocurrency trading, while also establishing similarities using those terms in the racing world. The result: Oracle Red Bull Racing drivers are now far more knowledgeable on crypto references.

Snippets from the episode where Max and Checo both tried deciphering crypto slang and references

In a race to become Bybit Insiders themselves, Oracle Red Bull Racing drivers took on the challenge to guess and appreciate the meaning of expressions such as "gas fees" (blockchain transaction fees), "position" (a trade) or "fiat on-ramp" (a reference for one-stop conversion of fiat money into cryptocurrency). Crypto enthusiasts and F1 fans alike are in for a good laugh, as Max and Checo tried their hands (and luck) at guessing the meaning of acronyms such as ATH (all-time high) and FUD (fear, uncertainty and doubt).

When the drivers were asked to guess the meaning of "HODL" (an acronym for "hold on for dear life", an expression used by crypto enthusiasts referring to a long-term approach to cryptocurrency) 2021 Formula 1 Drivers' World Champion Max Verstappen quickly stated "stick to your position", showing that he has some grasp of the investment jargon.

When the drivers were shown the term "diamond hands", Verstappen immediately responded "that's Checo", and Max was right in a way, as crypto enthusiasts use this expression to talk about high risk tolerance when trading and investing — this bears some similarity to Checo's stellar strategies that earned him the title as "Minister of Defense".

"Is where things are really nasty on the market," said Checo when asked the meaning of the term "bear market", displaying his knowledge.

But perhaps the most entertaining part of the challenge was when Max and Checo were asked to guess the meaning of the expression "when Lambo?" as Max promptly responded "when to shine through the streets... show off", while Checo added, "you've done well in crypto, you have to show it".

Before the start of the 2022 Formula 1 season, Bybit became Oracle Red Bull Racing's exclusive Principal Team Partner, Cryptocurrency Exchange Partner, Fan Token Issuance Partner and Tech Incubator Partner. Both crypto and racing fans can now look forward to more exclusive content and exciting initiatives only available at the Bybit Race Insider — check it out to stay updated on what else Max and Checo might be up to together with Bybit!

As the Fan Token Issuance Partner and Tech Incubator Partner, Bybit will support Oracle Red Bull Racing with the distribution of its growing digital asset collections among other endeavors, so fans will have to stay tuned for more surprises in the near future.

About Bybit

Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, an NFT marketplace as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.

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