Back on track: Kraken inks F1 crypto sponsorship deal with Williams Racing

Kraken has inked a partnership deal with Williams Racing marking the first major return to F1 for crypto this year.

View Details

Kraken Crypto Exchange Sponsors Williams Racing F1 Team

<p> Williams Racing and Kraken, a popular crypto platform, announced a global partnership ahead of the Australian Grand Prix in Melbourne. This marks Kraken's first-ever official crypto and Web3 partner of the Formula 1 (F1) team.</p><p>Kraken and Williams Racing Announce Crypto Partnership</p><p class="MsoNormal">According to a press release <a href="https://www.williamsf1.com/posts/315c4334-4ab2-4991-8557-066c8759b776/williams-racing-and-kraken-announce-global-crypto-partnership" target="_blank" rel="nofollow">published </a>on Williams F1's official website, throughout the rest of the 2023 FIA Formula One World Championship season, Kraken's logo will be prominently displayed on the FW45 racing car halo and rear wing. Additionally, the branding will be featured on driver racing attire and team headwear.</p><p class="MsoNormal">In addition to the partnership agreement, the rear wing of FW45 will exhibit KrakenNFT digital art pieces owned by customers sourced from third-party NFT initiatives during specific Grand Prix events. Furthermore, Williams and Kraken will join forces to create exclusive limited-edition caps for certain Grands Prix occasions.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">?? Today we’re thrilled to announce Kraken as an official partner of <a href="https://twitter.com/WilliamsRacing?ref_src=twsrc%5Etfw">@WilliamsRacing</a>! Together we’re accelerating the crypto revolution on and off the grid ??More info: <a href="https://t.co/ASxKLrBlFo">https://t.co/ASxKLrBlFo</a> <a href="https://t.co/5RfIdkZKbZ">pic.twitter.com/5RfIdkZKbZ</a></p>— Kraken Exchange (@krakenfx) <a href="https://twitter.com/krakenfx/status/1640700416156397571?ref_src=twsrc%5Etfw">March 28, 2023</a></blockquote><p class="MsoNormal">"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," Mayur Gupta, the Chief Marketing Officer at Kraken, commented.</p><p class="MsoNormal">With a focus on engaging fans and the community, Kraken will take part in various Williams Racing fan zone activities during the season. Simultaneously, the crypto <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> will develop content to inform and educate F1 fans about the objectives and importance of Web3 technology.</p><p class="MsoNormal">James Bower, the Commercial Director of Williams Racing, expressed his pride and excitement about the partnership with Kraken, highlighting that it unites two well-established and trusted brands from their respective industries.</p><p class="MsoNormal">"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," Bower summarized. </p><p>Brokers and Exchanges Bet on F1</p><p class="MsoNormal">The first FX/CFD company to bet on Formula One sponsorship <a href="https://www.financemagnates.com/forex/brokers/xtb-is-on-a-roll-interview-with-ceo-jakub-zablocki/" target="_blank" rel="follow">was X-Trade Brokers</a> (now XTB) more than ten years ago. Since then, many more retail brokers have decided to partner with teams of the popular racing series. In 2018, such a partnership with the <a href="https://www.financemagnates.com/thought-leadership/fxpro-and-mclaren-f1-team-extend-partnership/" target="_blank" rel="follow">McLaren F1 Team was established by FxPro</a>, which was extended in 2021, while a year ago, the popular <a href="https://www.financemagnates.com/terms/p/payments/" class="terms__secondary-term" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45">payments</a> services provider, <a href="https://www.financemagnates.com/fintech/nuvei-become-mercedes-formula-1-teams-official-sponsor/" target="_blank" rel="follow">Nuvei</a>, became a sponsor of the Mercedes team.</p><p class="MsoNormal">In addition, the cryptocurrency industry has experience in sponsoring sports and F1 teams. In 2021, <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-com-becomes-a-sponsor-of-aston-martin-f1-team/" target="_blank" rel="follow">Crypto.com announced</a> that it has become a sponsor of the Aston Martin F1 Team, and in 2019 FuturoCoin joined as <a href="https://www.financemagnates.com/cryptocurrency/news/futurocoin-becomes-first-crypto-firm-to-sponsor-formula-1-team/" target="_blank" rel="follow">a partner of Aston Martin Red Bull Racing</a>. Unfortunately, the latter turned out to be a scam promoted by the fraudulent company FutureNet. Roman Ziemianin, the pyramid's creator, was arrested in late 2022.</p><p>Positive News for Kraken after Tough Months</p><p class="MsoNormal">The news of a sponsorship deal signed with a Formula One team is the first upbeat note regarding Kraken after a year of cryptocurrency operational and regulatory problems.</p><p class="MsoNormal">In November, the exchange announced that it was cutting its global workforce <a href="https://www.financemagnates.com/cryptocurrency/crypto-exchange-kraken-cuts-global-workforce-by-30/" target="_blank" rel="follow">by 30% </a>in order to adapt to challenging market conditions. Less than a month later, it admitted that it was <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-shut-operations-in-japan-by-citing-weak-crypto-market/" target="_blank" rel="follow">suspending operations in Japan</a> due to the weak cryptocurrency market.</p><p class="MsoNormal">However, the real problems started after February 2023, when Kraken found itself <a href="https://www.financemagnates.com/cryptocurrency/kraken-faces-sec-probe-over-unregistered-securities-listings/" target="_blank" rel="follow">under the sight of the US SEC</a> in connection with a listing of unregistered securities. Finance Magnates reported that the <a href="https://www.financemagnates.com/cryptocurrency/kraken-shuts-staking-as-a-service-in-us-amid-30m-sec-settlement/" target="_blank" rel="follow">exchange shut down Staking-as-a-Service</a> and agreed to pay $30 million to settle with the market supervisor over its activities in the US.</p><p class="MsoNormal">Regulatory problems prompted news of a possible <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-move-from-exchange-to-crypto-bank-amid-us-regulatory-dispute/" target="_blank" rel="follow">exchange conversion into a crypto bank</a>. The idea was first presented in 2020 and has now resurfaced in the face of regulatory pressure.</p><p class="MsoNormal">In the wake of Silvergate Bank's downfall, <a href="https://www.financemagnates.com/cryptocurrency/news/kraken-to-suspend-ach-deposits-and-withdrawals/" target="_blank" rel="follow">Kraken has opted to discontinue ACH deposit</a> and withdrawal services. Since 2019, Kraken has been among several crypto exchanges utilizing the Silvergate Exchange Network (SEN) for ACH transactions in the United States.</p> This article was written by Damian Chmiel at www.financemagnates.com.

View Details

Nike OF1 NFT: How to Claim Nike OF1 Box? Here’s How…

Nike is launching the OF1 Boxes through a General Access sale. Act quickly to secure one of the 83,870 available units, as demand is high.

View Details

Mercedes F1 Puts FTX's Sponsorship Deal on Hold, Drops Logo from Cars

<p>Mercedes Formula 1, the international racing team of German luxury car manufacturer Mercedes-Benz, has suspended its sponsorship deal with the beleaguered Bahamas-based cryptocurrency exchange, FTX.</p><p class="MsoNormal">The news comes as FTX on Friday announced that it has <a href="https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/" target="_blank">filed for bankruptcy protection</a> in the United States for the FTX Group which includes FTX.com, FTX.US, Alameda Research and over 130 affiliated companies.</p><p class="MsoNormal">In September last year, FTX <a href="https://www.financemagnates.com/cryptocurrency/news/ftx-signs-long-term-partnership-with-mercedes-amg-petronas-formula-one-team/" target="_blank">signed a long-term partnership deal</a> with the racing team. The deal covered the inclusion of the FTX logo on both cars and drivers of the racing teams as well as on other facilities. However, a team spokesperson on Friday said the team will be dropping the crypto exchange’s logo from its cars and other branded assets starting this weekend. The team will continue to closely watch how things evolve, the spokesperson added.</p><p class="MsoNormal text-align-justify">Sports Deals in Jeopardy? </p><p class="MsoNormal">When FTX was in <a href="https://www.financemagnates.com/cryptocurrency/news/ftxs-2021-revenue-jumped-1000-to-1-billion/" target="_blank">good financial standing</a>, the crypto exchange was big on crypto sports deals. In March 2021, the exchange signed a $135 million contract to purchase the naming rights of the American professional basketball team Miami Heat’s home arena.</p><p class="MsoNormal">The exchange also signed as a naming right sponsor of the American mixed martial arts Ultimate Fighting Championship for 10 years in a deal estimated at about $17.5 million deal. Additionally, FTX in July 2021, signed a five-year deal with Major League Baseball to feature patches of its logo on the league’s umpires. </p><p class="MsoNormal">Later in August, the crypto exchange secured naming rights to UC Berkeley Football Stadium in its first college sports deal. Under the 10-year deal, which was sealed at $17.5 million, the college’s football stadium was renamed “FTX Field”.</p><p class="MsoNormal text-align-justify">What becomes of these deals and others the troubled cryptocurrency exchange signed will likely unfold in the months ahead. However, Matt House, the CEO of SportQuake, an agency that has brokered a number of high-profile sports-sponsorship deals, <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank">told Finance Magnates</a> during the week that there will be no immediate financial problem to rights owners if their payment terms for the current financial year were good or paid in advance. </p><p class="MsoNormal text-align-justify">But "they will have big problems if they weren't and are now out of pocket," House said. "Medium-term rights owners will need to scramble around and replace FTX. Most FTX sponsorship assets are blue-chip, so they will recoup in time, but in the short term it will be a hassle for sure," House added.</p><p class="MsoNormal text-align-justify">Meanwhile, a representative of Miami-Dade County told Front Office Sports on Friday that it will consider legal options should FTX fail in its obligations on the deal with Miami Heat.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

View Details

Singapore Regulator Bans Crypto Ads on F1 Tracks

According to the Wall Street Journal, Singapore’s financial regulator Monetary Authority of Singapore(MAS) told F1 organizers that it would ban Crypto.com ads from appearing on the track. (Read More)

View Details

Formula One applies for metaverse and NFT trademarks

According to prominent trademark attorney Michael Kondoudis, Formula One (F1) is gearing up for an adventure into Non-fungible tokens (NFTs) and Metaverse. The attorney made [...]

View Details

McLaren Racing Signs a Multi-year Partnership with Crypto Exchange OKX

McLaren Racing, a British motor racing team, has inked a multi-year deal with crypto exchange OKX, formerly OKEx, to be the primary partner of McLaren Shadow esports Team and McLaren Formula 1 (F1) Team from this year. (Read More)

View Details

Animoca Brands’ Formula 1 NFT Game Reaches the Finish Line

Users of blockchain racing game F1 Delta Time will be rewarded, company says.

Continue reading Animoca Brands’ Formula 1 NFT Game Reaches the Finish Line at DailyCoin.com.

View Details

Crypto Supports Formula 1 Racing in Modern Technology , Says Mercedes Lead

With 8 of the 10 teams in the 2022 Formula 1 (F1) grid featuring at least one crypto sponsor, Mercedes team principal Toto Wolff believes that cryptocurrencies are part of modern technology that cannot be avoided. (Read More)

View Details

Animoca Brands Purchases Indie Developer Experienced in Motorsport Games

The move is quite strategical considering that Animoca Brands obtains three motorsport titles: REVV Motorsport, REVV Racing, F1 Delta Time.

Continue reading Animoca Brands Purchases Indie Developer Experienced in Motorsport Games at DailyCoin.com.

View Details

Mysten Labs’ Sui network partners with F1 Red Bull racing team

The Sui network, backed by Mysten Labs, has announced a multiyear partnership with the Red Bull Formula One Racing team less than a month after the blockchain’s mainnet went live. In a June 1 announcement, Sui said it would be the official blockchain partner of the racing team, scheduled to compete in Spain on June 4. [...]

The post Mysten Labs’ Sui network partners with F1 Red Bull racing team appeared first on Crypto Breaking News.

View Details