Crypto exchange Kraken has signed a multi-year sponsorship deal with the popular Formula 1 team Williams Racing.
The financial details of the deal have yet to be disclosed.
The agreement became Kraken's first major sponsorship deal.
- As part of the deal, Williams Racing will place Kraken's logo on the halo and rear wing of the cars, along with drivers' and team uniforms, for the rest of the 2023 season.
- Artists will also see their NFTs sold on Kraken's NFT marketplace on the rear wing of Williams Racing's cars during some races.
- In May 2022, Williams Racing signed a similar multi-year deal with metaverse platform Terra Virtua, though it cut ties with the firm at the end of the year.
- Kraken's chief marketing officer, Mayur Gupta, said the exchange is actively exploring the areas beyond Formula 1.
Throughout the 2022 season, crypto gained massive popularity in Formula 1, with all 10 teams having at least one sponsorship with crypto-related firms, including OKX and Crypto.com.
- The presence of crypto firms in Formula 1 was reduced by almost half at the beginning of the season amid the prolonged crypto winter, crypto exchange FTX's bankruptcy, and Terra ecosystem's collapse wiping more than $60B off the market.
