In a recent development, Kraken has signed a web3 crypto sponsorship deal with Williams Racing, marking the first major F1 return to crypto this year. With this move, Formula 1 teams are warming up to crypto once again after the meltdown in the last year. At the same time, the deal also marks Kraken’s first major signing after the SEC probe last month.
📣 Today we’re thrilled to announce Kraken as an official partner of @WilliamsRacing!
Together we’re accelerating the crypto revolution on and off the grid 🏁
More info: https://t.co/ASxKLrBlFo pic.twitter.com/5RfIdkZKbZ
— Kraken Exchange (@krakenfx) March 28, 2023
However, the deal would not only include the Kraken branding on race cars but would also include branded merchandise and NFTs for team fans to collect. Similarly, the rear wing of these race cars would openly showcase customer-owned digital collectibles in selective races.
The Commercial Director of Willian Racing, 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.”
Revival of Crypto – Sports Relationship?
Kraken’s latest deal might just reignite the spark between crypto and the sports industry. With the rising crypto market this year, many sports platforms and teams are showing potential interest in crypto partnerships.
Previously, several Formula 1 racing teams, including the Mercedes F1 team, suspended their partnerships with crypto firms. The Mercedes team suspended its partnership of approximately $27 million with FTX when the situation started to fall out for the exchange.
Over the previous few months, Ferrari ended its deal with the blockchain company Velas, and Tezos ended its deal with Red Bull racing prematurely. Similarly, Animoca Brands also previously controlled F1 Delta Time, a licensed Ethereum NFT-based game that was scrapped in March 2022.
Kraken and William Racing’s Partnership to Lead the Way
As per the initially shared details, it seems that the main goal of the partnership is to offer unique crypto and web3 experiences for fans while paving the way for Kraken to expand its operations through William Racing’s network.
Chief Marketing Officer of Kraken, 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.”
Despite the failed partnerships seen previously, Kraken joins the list of other brands that aim to maintain active deals with F1 teams. Some of them include Mclaren’s deal with Tezos and OKX, Binance’s deal with Alpine, Red Bull’s deal with ByBit, and many more. At the same time, Crypto.com holds the naming rights to F1’s Miami Grand Prix.
Williams Racing and Kraken would also collaborate on designing limited-edition caps for a certain number of races. They would also focus on generating content for educating fans on Web3. Kraken will participate in offering pop-up experiences and F1 Fan Zone initiatives hosted by Williams Racing throughout the season.
