Williams Racing partners with crypto platform Kraken as their Official Crypto and Web3 Partner for the 2023 F1 season.
In a groundbreaking move within the motorsports world, Williams Racing has unveiled a global alliance with Kraken, a prominent crypto platform. This partnership establishes Kraken as the first-ever Official Crypto and Web3 Partner for Williams Racing. This gives Kraken a distinctive presence in the exhilarating realm of Formula 1.
Welcome to the team, @krakenfx! 🤝#WeAreWilliams
— Williams Racing (@WilliamsRacing) March 28, 2023
Since 2011, Kraken has expanded to become a major digital asset platform worldwide. It caters to over 10 million customers and provides more than 200 crypto assets and six fiat currencies. This alliance unites two reputable and enduring brands in their respective fields, both sharing core values of innovation, integrity, and dedication to delivering outstanding experiences.
Kraken & Williams Racing Kick-Off Partnership at Australian Grand Prix
The collaboration will kick off at the Australian Grand Prix in Melbourne this weekend, featuring Kraken branding on the FW45 halo and rear wing throughout the 2023 FIA Formula One World Championship season. Kraken’s logo will also appear on driver racing suits and team hats.
This partnership presents Kraken with a unique opportunity to connect with fans and crypto enthusiasts in creative ways. The rear wing will display KrakenNFT customer-owned digital collectibles artwork from renowned third-party NFT initiatives at specific Grands Prix. Additionally, Williams Racing and Kraken will collaborate on designing exclusive caps for select events.
Kraken’s dedication to promoting global awareness and the adoption of crypto will be evident throughout the partnership. The company plans to take part in selected Williams Racing fan zone activities during the season, offering pop-up experiences in various cities across the globe. Furthermore, Kraken will produce content and experiences aimed at educating and engaging fans about the importance and mission of crypto and Web3.
Formula One and Crypto Sponsorships: A Changing Landscape
The alliance between Williams Racing and Kraken emerges amid a changing environment for crypto sponsorships within Formula One. In the previous year, the sport experienced a surge in sponsorship agreements with blockchain firms, token issuers, and digital asset exchanges, leading to cars and tracks being decorated with the logos of prominent industry players.
However, the 2023 season paints a different picture, with only 60% of teams featuring at least one crypto sponsor. Several high-profile teams, such as Mercedes-AMG Petronas, have cut ties with crypto sponsors due to financial difficulties or scandals.
Remaining Crypto Partnerships in Formula One
Despite the shifting landscape, some crypto partnerships within Formula One continue to flourish. Red Bull maintains its multiyear agreement with the Bybit exchange, while Tezos upholds its arrangement with British competitor McLaren. Other crypto firms, including Binance, Crypto.com, OpenSea, and fan-token provider Socios, have also opted to remain involved in the sport.
Crypto & F1 Partnerships 2022-2023. Source: Bloomberg
Who's ready for @F1 #AusGP this weekend? 🇦🇺 @AstonMartinF1 pic.twitter.com/jdxYPSrWEp
— Crypto.com (@cryptocom) March 28, 2023
With the Williams Racing and Kraken partnership, both organizations aim to deliver state-of-the-art crypto and Web3 experiences for enthusiasts. This allows Kraken to connect with new institutional clients and businesses via the Williams Racing network and events. As the world of Formula One continues to evolve, the influence of crypto and Web3 on the racing scene will undoubtedly remain an intriguing development to follow.
