The global crypto exchange Kraken just announced it’s signed a multi-year pact with the English Formula One team Williams Racing — one of the most successful teams in the sport’s history.
The move marks Kraken’s first major sponsorship deal with a Formula One team. It will see the exchange’s logo placed on the halo and rear wing of Williams Racings FW45 race cars for the remainder of the 2023 season. The car will be driven by Logan Sargeant and Alex Albon in the Formula 1 Rolex Australian Grand Prix 2023, and the logo will also appear on driver’s and team uniforms.
For some races, holders of some of the most exciting digital collectibles on Kraken’s NFT marketplace will be able to display their NFTs on the cars’ rear wing. And more digital collectible experiences aimed at engaging Formula One fans and the crypto community are expected.
According to Mayur Gupta, Kraken’s exchange Chief Marketing Officer, Kraken’s decision to form a partnership was not “impulsive.” She said the marketplace “did not ride the Formula One wave” during the last bull run when it was the hip thing to do. However, she added that 2023 was the right time for Kraken to consider sponsorships as it expands its brand.
Kraken was founded in 2011 with the mission of accelerating crypto and Web3 adoption around the world. It currently has over 10 million clients around the world and has earned a reputation as one of the securest places to buy and sell Bitcoin, Ethereum, and other cryptocurrencies.
Williams Racing has the second most Constructor’s Championship wins in Formula One history. Neither company provided any financial details about the agreement.
Crypto Exchanges Ink New Partnerships
Kraken isn’t the only crypto exchange that’s managed to make new partnerships and deals recently. At Rarity Sniper, we’ve covered several stories about the top crypto exchanges forming new partnerships to bring value to their communities. Here are some of the headlines.
First, about a month ago, Binance partnered with Ingenico, a French credit card service company, to bring in-store crypto payments via Binance Pay to two locations in Paris. The top merchants selected for the test were Le Carlie, a popular bar, and Miss Opéra, a clothing store — though Binance plans to expand the program to other locations.
Also involving Binance, about two months ago, the global crypto exchange teamed up with Mastercard for a prepaid crypto rewards card in Brazil. The new card lets Binance members make everyday purchases with crypto and currently has 14 different cryptocurrency options along with the Brazilian Real (BRL).
Lastly, about a year ago, Coinbase also partnered with Mastercard, in this case to simplify the experience of buying NFTs. The partnership enables users to purchase NFTs using debit and credit cards on Coinbase’s NFT marketplace.
2022 was a rough year for a lot of crypto exchanges, and some didn’t make it. But top exchanges like Kraken continue to show that they’re in the game for the long haul. 2023 could be Kraken’s year to emerge from the frigid winter and start revving up the global adoption of crypto one race at a time.