Kraken Team Up With Williams Racing in F1 Crypto Deal

Jimmy Aki
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United States-based cryptocurrency exchange Kraken has become the first top crypto company to return to Formula 1 racing this year after signing a deal with the Williams Racing F1 team.

As part of the agreement, Kraken branding will be placed on Williams race cars and the team’s apparel. It will also be in non-fungible tokens (NFTs) for team supporters and displayed as KrakenNFT digital collectibles.

Two Innovators in an Ever-Evolving World 

The American cryptocurrency exchange Kraken has announced a new sponsorship deal and agreement with the Williams Racing F1 team ahead of this weekend’s Australian Grand Prix in Melbourne.

This action represents the first significant cryptocurrency company to sign a Formula 1 racing partnership this year.

The deal includes having Kraken branding on the Willams race cars, team merchandise, and non-fungible tokens (NFTs) for spectators to collect. The Kraken branding will be emblazoned on the FW45 racing car parts, such as the rear wing and halo. 

There will also be merchandise brandings like the driver race suits and team hats during the remainder of the 2023 FIA Formula One World Championship season. 

Conforming to Kraken’s mission to promote global awareness and adoption of cryptocurrency, the rear wing will display KrakenNFT customer-owned digital collectible artworks from top third-party NFT projects at some Grands Prix. 

Aside from that, Williams and Kraken will also work together to design limited-edition caps for some selected races. 

Furthermore, Kraken will participate in a few Williams Racing fan zone initiatives during the season, with pop-up experiences in various cities, putting the fans and community at the center of its activations.

During the partnership, Kraken will also create content and materials to inform and engage people about the purpose and worth of cryptocurrencies and Web3.

Williams Racing Commercial Director James Bower talked about his excitement and how eager they are to kick off the relationship to provide their fans with cutting-edge crypto and Web3 experiences while also propelling Kraken to new institutional clients and business heights through their events and networks.

Mayur Gupta, Kraken’s Chief Marketing Officer, also shared his thoughts on showcasing the power of crypto to Williams Racing’s global communities. 

He stated that the partnership shows what is possible when a great mission is combined with quality, innovation, and breakthrough performance.

Kraken and Williams Racing have a shared history of accomplishment, principles of innovation, morality, and a dedication to offering top-notch experiences to customers and fans.

It is the first partnership of its kind for Kraken. It gives a novel chance to interact with fans and cryptocurrency holders in one of the world’s fastest-growing sports.

Formula 1 Racing’s Exit of Crypto Sponsors

In late 2022, when the crypto market lost over $2 trillion, many Formula 1 racing teams quickly terminated their sponsorship agreements in the cryptocurrency space. 

The Mercedes F1 team terminated its partnership deal, valued at an estimated $27 million, with the FTX exchange. 

Ferrari also dissolved its long-term cooperation with the Swiss blockchain company Velas in January. In addition, Alfa Romeo cut ties with Vauld after issues with the crypto lender last year.

Many countries, including Singapore and France, also imposed restrictions on trackside crypto advertisements last year, compelling some teams to remove them. 

However, there were still some sponsorship agreements. The Aston Martin squad has kept Crypto.com and Socios as sponsors. 

According to recent reports, OKX and Tezos are still affiliated with McLaren Racing, while Binance continues to be the Alpine team’s partner.

Kraken’s F1 Sponsorship Deal Could Be a New Beginning

The partnership between Kraken and Williams Racing may herald the return of crypto companies to the world of racing and sports this year. 

This deal shows that crypto firms are growing more confident in their marketing approach and the capacity of the sports sector to use blockchain and cryptocurrency. 

It also draws attention to the potential of NFTs in sports and their capacity to provide collector’s items and one-of-a-kind experiences for fans.

The collaboration between Kraken and Williams Racing could start something unique in sports. 

As crypto and blockchain technology develops, sports teams and organizations will likely adopt it, which will present chances for crypto companies to collaborate with them.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.