- The exchange will feature its logos on Williams’ racing cars and drivers’ attires.
- NFTs from selected users on the Kraken NFT marketplace would also be displayed.
Cryptocurrency exchange Kraken has signed a sports sponsorship deal with Formula 1’s Williams Racing for the 2023 F1 season, which started at the beginning of the month and runs through to November.
The partnership will see the branding of the San Francisco-based exchange appear on the rear wings of the Williams Racing cars, drivers’ suits, and caps, starting with this weekend’s Australian Grand Prix. The same would reportedly cut across the appearances in the races across America, Europe, Asia, and the Middle East. Also included are NFTs from selected users on the Kraken marketplace that will be displayed on the racing cars.
‘‘In line with Kraken’s commitment to driving global awareness and adoption of crypto, the rear wing (of the racing cars) will showcase KrakenNFT customer-owned digital collectibles artwork from leading third-party NFT projects at select Grand Prix. Williams and Kraken will also collaborate on the design of limited-edition caps for select Grand Prix,’’ Williams Racing said in a press release.
The State Of Crypto Sport Sponsorship Deals
Crypto sport sponsorships deals have declined since last year’s bear market. FTX’s partnership with Mercedes, for instance, collapsed after the exchange went bankrupt. Other deals that have ended include Tezos’ partnership with Red Bull.
Tightening regulations have also impacted the expansion of sport sponsorship partnerships, especially after the collapse of FTX. For instance, Kraken was forced to pay the Securities and Exchange Commission (SEC) $30 million in fines for offering unregistered crypto-staking services. Other top exchanges, Binance and Coinbase, face regulatory pressure in the US.