Crypto exchanges’ need for F1 speed: Kraken teams up with Williams as OKX rides with McLaren at Australian GP – Stockhead

In a way, the crypto world seems like a perfect sponsorship, ahem, vehicle for F1. And yes, that sense we are referring to is speed.

Okay, that’s a bit tenuous, but the pace of ever-changing crypto narratives, not to mention the asset class’s price volatility, is mind-boggling at times. Moreover, like Formula 1, it is a high-tech, high-riskpotentially very profitable space.

Where are we going with this? To some related news – involving Williams and Kraken, and OKX and McLaren. We should however note, first of all, that F1 and crypto are not new teammates.

The last two years have been big years for Formula 1 crypto partnerships. Some, however, have hit the wall or gone up in flames since the FTX exchange imploded amid multiple accusations of fraud, corruption and corruption. total and utter incompetence.

This includes the Mercedes-AMG Petronas FTX deal. Ferarri has also since ended its deal with blockchain company Velas, and Tezos has ended its collaboration with Red Bull Racing.

However, McLaren has since struck deals with OKX (and Tezos too), Alpine is with Binance, and Red Bull Racing is now rolling with Bybit. Oh, and Crypto.com owns major naming rights to the Miami Grand Prix.

But as for this week’s latest… let’s start locally, with OKX, which has announced that it is set to launch a local edition of its global exchange Down Under.

Australian OKX launch and McLaren F1 link

At the time of its announcement on the eve of the Australian Grand Prix in Melbourne, OKX, the second-largest crypto exchange by trading volume, revealed plans to open an office in Australia In the coming months.

The revelation was made Wednesday night at a crypto-community event at the Melbourne Arts Centre, attended by OKX ‘ambassadors’ Daniel Ricciardo and pro-snowboarder/Olympian Scotty James.

Ricciardo was fired by McLaren at the end of last year and is now in a ‘third driver’ role for the Red Bull Racing team.

The McLaren F1 Team car, meanwhile, is sponsored by OKX and will be driven by Oscar Piastri and Lando Norris.

Great evening with @okx on the eve of F1. @danielricciardo in the House.@OKXAustralia launch 🫡@ausgrandprix pic.twitter.com/TEkMjFaG2W

— Greg (🥃,🦉) (@GregOakford) March 29, 2023

Regarding OKX’s entry into the Australian crypto exchange market, the company’s chief marketing officer Haider Rafique said: “Our ambition is simple: to become the world’s leading crypto platform.

“We see Australia as an indispensable part of this strategy and a key growth market. With such adoption of cryptography in Australia Already, we are committed to the local market and aim to build a strong local office.

Williams takes to the track with Kraken

Meanwhile, crypto exchange Kraken, which was founded in San Francisco around 11 years ago and has also been operating in Australia for almost three years, has unveiled a partnership with English F1 team Williams Racing.

The Kraken logo will appear prominently on the halo and rear fender of the Williams Racing FW45 race car driven by Alex Albon and Logan Sargeant at the Australian Grand Prix, which begins today.

The brand will also appear on overalls and driver caps for the remainder of the F1 World Championship season.

Welcome in the team, @krakenfx! 🤝#WeAreWilliams

— Williams Racing (@WilliamsRacing) March 28, 2023

Select Kraken NFT Marketplace users will also be able to spawn their own NFT artwork on the rear fender of Williams race cars during Grand Prix events. These works could, for example, include some images of the Bored Ape Yacht Club and the World of Women NFT.

“This partnership will allow us to engage with the global Kraken and William communities and show the impact and life-changing potential of Crypto and Web3,” said Mayur Gupta, CMO of Kraken.