- Williams Racing Formula 1 inked a long-term deal with Kraken exchange.
- Kraken plans to display NFTs on F1 cars during live events.
- Kraken joins Binance and Crypto.com in major exchanges supporting F1.
The new multi-year partnership deal between major American crypto exchange Kraken and the Williams Racing F1 team comes when sports teams and athletes are extra cautious about joining forces with crypto enterprises.
Indeed, the halo and rear wing of every Williams Racing F1 model will be emblazoned with Kraken’s logo, but that’s not all this partnership has to offer blockchain enthusiasts. According to the official press release, Williams Racing F1 will launch an exclusive NFT collection, while collectibles include physical merchandise.
Crypto & Sports Partnerships – Back on Track?
Kraken underwent many changes and legal drama in recent years. Unexpectedly changing CEO in late 2022, the new year posed another serious challenge. The SEC (Securities and Exchange Commission) punished the crypto platform for allowing Ethereum (ETH) staking products with a $30 million fine.
Last year’s FTX fiasco caused athletes and sports teams to ditch ongoing sponsorship deals. The aftershocks of the FTX-infused crypto thunderstorm have resulted in Ferrari terminating its deal with Velas blockchain. Mercedes suffered the most, as the iconic German car manufacturer had a long-term deal with SBF’s fallen empire. Meanwhile, Red Bull dropped its deal with Tezos, while Alfa Romeo said goodbye to memecoin Floki (FLOKI).
Kraken is not the only big name in the cryptosphere that managed to strike a deal with F1 franchises. For instance, the Romanian blockchain startup CryptoDATA shook hands with the Alfa Romeo Sauber F1 team a month ago as technical partners and sponsors.
On The Flipside
- The ongoing class-action lawsuits against numerous athletes and entertainers for endorsing FTX can impose strict rules on promoting blockchain companies to the public.
Why You Should Care
Partnerships between major crypto enterprises and sports franchises drive crypto adoption and awareness.
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