Despite an exodus of crypto sponsors from the F1 scene last year, teams such as WilliamsRacing appear to be warming to crypto companies again, inking a new deal with crypto exchange Krakenfx.
Formula 1 teams could be warming to crypto advertising again despite a crypto sponsorship exodus in the wake of last year's high-profile meltdowns.
On March 28, American crypto exchange Kraken announced that it was partnering with the Williams Racing F1 team in a new sponsorship and Web3 deal. The move marks the first major crypto company to ink a new deal in Formula 1 racing this year. The deal will not only involve Kraken branding emblazoned on the Willams race cars, but branded team merchandise and nonfungible tokens for team fans to collect.
The rear wing of the car will also showcase KrakenNFT customer-owned digital collectibles artwork from leading third-party NFT projects at select races., “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.”
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