As part of the partnership between Kraken and Williams Racing F1 team, Kraken's branding will be displayed on the race cars and team merchandise
Formula 1 teams may be becoming more open to crypto advertising once again, even though many crypto companies withdrew their sponsorships after some high-profile incidents last year.
Kraken, a US-based crypto exchange, recently announced a partnership with the Williams Racing F1 team for a new sponsorship and Web3 agreement, making them the first major crypto company to sign a new deal in Formula 1 racing in 2023.
As part of the partnership between Kraken and Williams Racing F1 team, Kraken's branding will be displayed on the race cars and team merchandise. In addition, the deal will also include the creation of non-fungible tokens (NFTs) for fans to collect.
Kraken's customer-owned digital collectibles artwork from leading third-party NFT projects will also be showcased on the rear wing of the car at select races.
James Bower, the commercial director of Williams Racing, expressed his enthusiasm for the new partnership with Kraken, stating that they are excited to offer their fans innovative crypto and Web3 experiences. The partnership will also allow Kraken to expand their reach to new institutional clients and businesses through Williams Racing's network and events.