Kraken has been linked to a partnership deal with the William Racing that marked their return to the F1 for crypto in this ongoing year.
The Formula 1 teams can start warming up to the crypto ad again even though the crypto sponsors exodus in the wake of previous year’s meltdown. On 28th March the crypto exchange of America has announced that it was partnering with the F1 racing team called Williams in a new Web3 sponsorship deal. This move marks the very few major crypto company to sign a new deal in F1 racing.
The deal will not involve Kraken branding on the race cars of the team. However, there will be team merchandise and NFTs for fans to collect. The wings on the rear end of the vehicle will show KrakenNFT artworks from a top level NFT projects at some selected areas.
Kraken Will Sponsor F1 Team William
James Bower, the racing commercial director of Williams said that they we are excited to announce the partnership. He said that their fans will have a Web3 and crypto experience while also getting Kraken to reach some new clients and businesses through the events and networks.
Many F1 racing teams quickly dropped their sponsorship deals when the crypto market went down in 2022. In the middle of November the crypto market wet down. The Marcedes team then suspended their partnership agreement that is worth twenty-seven million USD.
Even the Ferrari team ended their long-term agreement with a blockchain organization in January. Back in September, Singapore also halted their crypto ads around the track. However, other countries like France placed some restrictions on the crypto commercial trackside.