Key Highlights:
- The British team Williams Racing will be sponsored by a Crypto exchange.
- Formula One has a troubled history with Crypto sponsors.
The partnership between the exchange and Williams Racing, a well-known Formula 1 racing team, will let millions of users see the Kraken logo starting this weekend.
One of the top four Formula 1 team, Williams Racing, together with Ferrari, McLaren, and Mercedes, signed a sponsorship partnership with Kraken on March 28th, one of the biggest Crypto exchanges in the world.
This is the exchange’s first partnership in the Formula 1 community, per a statement from Kraken. However, they are already making plans to increase their participation in these events on a global scale starting next year.
Along with having Kraken branding on the Willams race cars, the agreement also includes branded team merchandise and nonfungible tokens (NFTs) for viewers to collect.
The KrakenNFT customer-owned digital collectible artwork from top third-party NFT projects will also be shown on the car’s rear wing at some races.
James Bower, the commercial director of Williams Racing, 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.”
A few lucky Kraken NFT owners will be able to see their digital collectibles displayed on the Williams Racing car’s back wing.
Kraken stated, “We plan to announce more exciting benefits, including exclusive content, fan pop-ups with Williams, and chances to grab Kraken and Williams-branded team merchandise.”
Kraken’s CMO Mayur Gupta added: “Kraken’s partnership with Williams Racing shows what is possible when you combine a great mission with excellence, innovation, and breakthrough performance. 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.”
Some unsuccessful partnerships
Although Crypto sponsorships in Formula 1 are not new, they have not always been a success. After FTX’s demise, which included a sponsorship agreement with Mercedes-AMG Petronas, numerous agreements failed.
Ferrari recently ended its sponsorship agreement with blockchain company Velas. The agreement between Red Bull Racing and Tezos was prematurely terminated around the same time.
