Kraken crypto exchange has announced a new partnership with Williams Racing on Twitter. This achievement marks the first sponsorship deal between Formula 1 teams and crypto firms this year.
The deal will allow Kraken to illuminate its brand logo on Williams Racing cars. The exchange will also create NFTs and provide branded team merchandise for the fans.
Williams Racing And Kraken Announce Partnership
The exchange stated in its Twitter post that the partners aim to accelerate the cryptocurrency “revolution on and off the grid.”
Williams Racing also announced the partnership on its website, as the firm declared that Kraken is its first-ever official cryptocurrency and Web3 partner. It further referred to the exchange as the world-leading and trusted platform serving more than 10 million clients.
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The Commercial Director at Williams Racing, James Bower, stated that the firm is proud to partner with Kraken. He also mentioned that both firms are the most trusted and longest-standing brands in their respective industries.
Regarding the benefits, James Bower stated that Williams Racing aims to provide its fans with cutting-edge experiences in crypto and Web3 through the partnership.
On the other side, Kraken will reach more businesses and institutional clients through its partner’s events and networks. It will showcase the KrakenNFT customer-owned digital collectibles artwork on the rear wing of Williams Racing cars, driving more interest.
Another top executive of Williams Racing, Mayur Gupta, added that the partnership proves that it is easier to achieve great feats by combining a great mission with innovation, excellence, and outstanding performance.
A New Dawn For Sponsorship Deals With F1 Teams
Kraken’s recent partnership with Formula 1 teams could be a sign that crypto advertising might gain traction once again. The crypto market downtrend in 2022 saw many standing partnerships dissolved and new ones canceled.
One of the deals suspended in mid-November was the Mercedes F1 team partnership with FTX exchange. The deal was worth $27 million but was suspended after the crypto exchange filed for bankruptcy following the market crash.
Another partnership that ended was between Ferrari and a Swiss blockchain organization, Velas. The deal was worth $30 million a year and aimed at helping the F1 team increase its fans’ engagement through NFTs and other initiatives.
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Even though some deals were canceled, a Bloomberg report shows that some firms maintained theirs. Some of these ongoing partnerships include that of the Aston Martin team with Socios and Crypto.com.
Also, the Binance and Alpine team deal is ongoing, while Tezos and OKX are still in partnership with McLaren Racing. The Bloomberg report also shows that OpenSea’s deal with Haas is still ongoing, and Red Bull is still partnered with Bybit.
Featured image from Pixabay and chart from TradingView