The exchange's branding will appear on Williams Racing's cars for the rest of the 2023 season — kicking off with the Australian Grand Prix in Melbourne.
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Kraken has inked a global partnership with a Formula 1 team — indicating that crypto firms are starting to return to sponsorship deals after a punishing crypto winter.
The exchange's branding will appear on Williams Racing's cars for the rest of the 2023 season — kicking off with the Australian Grand Prix in Melbourne.
Williams Racing's commercial director, James Bower, said:
"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."
And Mayur Gupta, Kraken's chief marketing officer, was equally enthused, as it blends "a great mission with excellence, innovation and breakthrough performance." He added:
"These are both iconic brands that have stood the test of time. We're excited to engage with both Kraken's and Williams Racing's global communities, showcasing the power and life-changing impact of crypto and Web3."
It's the first partnership of its kind for Kraken — and as part of the deal, the rear wing will show off NFTs from leading projects.
At one point, 80% of F1 teams had at least one crypto sponsor. But a brutal bear market, coupled with a slew of bankruptcies, meant all of this started to change.
Mercedes pulled the plug on its collaboration with FTX after the exchange was tipped into bankruptcy, with allegations subsequently emerging that the exchange had misused billions of dollars in customer funds. Sam Bankman-Fried is now facing criminal charges — the latest of which alleges he paid a $40 million bribe to Chinese government officials.
Alfa Romeo is parting ways with Vauld and Floki this year — and Red Bull's tie-up with Tezos ended last year.
Some partnerships have continued with Binance, OKX, Socios and OpenSea among the big brands that are hoping to reach millions of people who watch the sport.
Many crypto firms were left in a perilous position after blowing hundreds of millions of dollars on star-studded adverts, sponsorship deals, and naming rights for huge arenas. While this wasn't necessarily a problem during the bull market, it meant that they were short on cash when things turned south — and needed to start cutting jobs.
It remains to be seen whether the industry will learn its lesson as Bitcoin starts to mount a recovery.
