- Kraken, a major US cryptocurrency exchange, recently announced a partnership deal with the Williams Racing F1 team, marking the first significant crypto return to Formula 1 this year.
- Formula 1 has long been a hub for cryptocurrency sponsorships, but several agreements have crumbled in the wake of FTX’s failure last year.
Williams Motorsport and San Francisco-based cryptocurrency exchange Kraken have come to terms with Kraken to become the British Formula 1 (F1) team’s first recognized cryptocurrency and Web3 partner.
Notably, this is Kraken’s first international cooperation. For the remainder of the F1 World Championship Season, beginning with this weekend’s Australian Grand Prix, the Williams vehicles’ rear wings, drivers’ suits, and helmets will all bear the Kraken logo. This month marked the start of the 2023 Formula One season, which runs through November with events in the Americas, Europe, Asia, and the Middle East.
Also, some users of Kraken’s NFT marketplace will be chosen to have their own NFT artwork displayed on Williams race cars’ rear ends during particular Grand Prix competitions. The featured artwork will come from notable NFT third-party projects; the Kraken website lists World of Women and the Bored Ape Yacht Club among the collections available on its own marketplace.
Formula 1 has long been a hub for cryptocurrency sponsorships, but several agreements have crumbled in the wake of FTX’s failure last year. The exchange had a sponsorship arrangement with F1’s Mercedes-AMG Petronas that was stopped when the exchange closed down.
Recently, Red Bull Racing’s agreement with blockchain network Tezos was prematurely terminated, and Ferrari’s contract with blockchain business Velas was canceled. Animoca Brands also formerly ran the Ethereum NFT game F1 Delta Time, which stopped down in March 2022.
Kraken joins a host of cryptocurrency companies that have ongoing sponsorship agreements with F1 teams, including McLaren’s partnerships with Tezos and OKX, Alpine’s agreement with Binance, Haas’s agreement with OpenSea, and Red Bull Racing’s rumored $150M agreement with Bybit that was signed in February 2022. Despite some failed sponsorships. Moreover, the Miami Grand Prix of Formula One is named after Crypto.com.
We’re excited to get the partnership underway to offer our fans cutting-edge crypto and Web3 experiences, while also enabling Kraken to reach new institutional clients and businesses through our network and events, Williams Racing Commercial Director James Bower said in a statement.
Williams and Kraken will also work on content to educate fans about Web3 and develop limited-edition caps for key races. Throughout the season, Kraken will also participate in pop-up experiences and F1 Fan Zone initiatives presented by Williams Racing.
+ There are no comments
Add yours