After losing one of its biggest racer Nicholas Latifi, Formula 1 team Williams Racing lands a sponsorship deal with U.S-based crypto exchange Kraken. As part of the deal, the team’s race cars will bear the Kraken logo and that there would be a non-fungible token (NFT) experience.
The rear wing of the car will display KrakenNFT customer-owned digital collectibles artwork from top third-party NFT projects at certain Grands Prix, in keeping with Kraken’s mission to promote global awareness and adoption of cryptocurrency. Williams and Kraken will also work together to design limited-edition caps for certain Grands Prix.
We are proud that Kraken is entering Formula 1 with Williams Racing, bringing together two of the most trusted and longest standing brands in our respective industries.
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.
James Bower, Commercial Director at Williams Racing
The collaboration is formed as cryptocurrency exchanges in the U.S. come under increasing regulatory pressure following the failure of the FTX exchange and three banks connected to the sector, in addition to continuous scrutiny from traders.
The Securities and Exchanges Commission (SEC) sued Kraken last month for allegedly selling unregistered securities, and as a result, Kraken was ordered to shut down its staking-as-a-service platform for US users and pay a $30 million fine.
