F1 Team adds crypto sponsor in Kraken after FTX, Tezos Exits
San Francisco-based cryptocurrency exchange Kraken has entered into an agreement with Williams Racing to become the British Formula One (F1) team’s first official crypto and Web3 cohabitant. It also marks the first global partnership for Kraken.
Kraken’s branding will feature on the rear wing of the Williams cars, driver’s suits and caps for the remainder of this year’s F1 World Championship season, starting with this weekend’s Australian Grand Prix. The 2023 F1 season began earlier this month and continues through November with races across the Americas, Europe, Asia and the Middle East.
Some users of Kraken’s NFT Marketplace will also be selected to have their own NFT artwork displayed on the back of Williams race cars during select Grand Prix events. The feature artwork will be from leading third-party NFT projects, with Kraken’s website pointing at Bored Ape Yacht Club and Women’s world among collections listed on its own marketplace.
Formula 1 has been a hotbed of crypto sponsorship, but some deals have fallen apart in the wake of last year’s collapse of FTX, which had a sponsorship agreement with F1’s Mercedes-AMG Petronas it was suspended when the exchange was closed.
The last few months have Ferrari terminated the agreement with the blockchain company Velas, while the blockchain network Tezos too early terminated the agreement with Red Bull Racing. Animoca Brands also previously operated the F1 Delta Time, a licensed Ethereum NFT games which closed in March 2022.
Despite some failed sponsorships, Kraken joins a host of crypto brands in maintaining active deals with F1 teams, including McLaren’s partnership with Tezos and OKX, Alpine’s deal with Binance, Haa’s deal with Open seaand Red Bull Racing reported $150M deal with Bybit which was signed in February 2022. Crypto.com also holds naming rights to F1’s Miami Grand Prix.
“We are excited to initiate the partnership to offer our fans cutting-edge crypto and Web3 experiences, while enabling Kraken to reach new institutional clients and businesses through our network and events,” said Williams Racing Commercial Director James Bower in a statement.
Williams and Kraken will also design limited edition caps for select races and collaborate on content to educate fans about Web3. In addition, Kraken will participate in pop-up experiences and F1 Fan Zone initiatives hosted by Williams Racing throughout the season.
