According to the report, the American crypto exchange Kraken has secured a major sponsorship deal with the Williams Racing F1 team, marking the first crypto company to ink a new deal in Formula 1 racing this year.
The announcement comes amid a resurgence of crypto advertising in sports, despite last year’s high-profile meltdowns. The deal will feature Kraken branding on the Williams race cars, branded team merchandise, and NFTs for fans to collect.
The agreement includes KrakenNFT customer-owned digital collectibles artwork from leading third-party NFT projects. This artwork will be showcased at select races on the car’s rear wing.
📣 Today we’re thrilled to announce Kraken as an official partner of @WilliamsRacing!
Together we’re accelerating the crypto revolution on and off the grid 🏁
— Kraken Exchange (@krakenfx) March 28, 2023
James Bower, the commercial director of Williams Racing, said the partnership would offer fans “cutting-edge crypto and Web3 experiences while enabling Kraken to reach new institutional clients and businesses through our network and events.”
Several Formula 1-racing teams dropped their crypto sponsorship deals in late 2022 after a wave of controversies in the crypto industry.
Mercedes F1 team suspended its partnership agreement worth an estimated $27 million with the embattled FTX exchange. Ferrari and Alfa Romeo also terminated their sponsorship deals with Swiss blockchain organizations Velas and Vauld.
Despite changes in sponsorship, the Aston Martin team has kept its crypto sponsors, Crypto.com and Socios. The Alpine team still partners with Binance, and McLaren Racing continues to work with OKX and Tezos. This shows that each team has its own distinct set of sponsors.
Meanwhile, the Red Bull racing team has retained its crypto sponsor, Bybit, and OpenSea is still with Haas. The Kraken-Williams Racing deal could mark a significant turning point for crypto advertising in sports.
Last year, several countries, including Singapore and France, restricted trackside crypto commercials, forcing some teams to remove them. But as markets recover, the crypto industry could be set for a comeback in racing and sports.
The Significance Of The Kraken-Williams Racing Deal
The Kraken-Williams Racing deal is significant as it marks the first major crypto sponsorship deal in Formula 1 racing this year. The move could signify that the crypto industry is ready to return to racing and sports, despite last year’s controversies.
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The deal is also a strategic move for Kraken, which will gain exposure to a wider audience through the partnership with Williams Racing.
Including KrakenNFT customer-owned digital collectibles artwork from leading third-party NFT projects is an innovative way to engage fans. It could set a new standard for crypto advertising in sports.