Kraken Takes Bitcoin to the Fast Lane with Formula 1 Sponsorship

Popular cryptocurrency exchange Kraken has decided to venture into the sports industry, particularly F1, while boosting Bitcoin awareness.

On March 31, it was announced via Twitter that Kraken, a crypto exchange, has become a sponsor of a Formula 1 (F1) sports car belonging to the Williams Racing team.

YES! That’s the Bitcoin Whitepaper on the @williamsracing F1 car 👀

Who said #Bitcoin isn’t fast!? pic.twitter.com/HSRMpPHihr

— Kraken Exchange (@krakenfx) March 31, 2023

The Kraken logo featured on the car is comprised of lines of text from the Bitcoin whitepaper. The partnership involves broader branding between Kraken and Williams Racing, with Kraken branding appearing on various elements of the car and team outfits.

Kraken’s NFT marketplace, Kraken NFT, will also display digital collectibles on the car’s rear wing. The partnership aims to provide “cutting-edge crypto and Web3 experiences” to fans and may involve fan experiences and merchandise giveaways.

Other F1 teams have formed similar relationships with blockchain companies, such as Crypto.com’s partnership with Aston Martin Cognizant Formula One and Red Bull’s sponsorship deal with ByBit and Tezos.

The Dogecoin community also expressed interest in sponsoring the Haas F1 team, although this did not come to fruition.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.