By
Bena Ilyas
May 13th, 2024
With the Williams Racing partnership, Kraken anticipates getting more global recognition amid increased competition from centralized exchanges.
The Kraken cryptocurrency exchange has announced a strategic partnership with the English Formula 1 team Williams Racing. Following the partnership, Kraken’s logo will appear evidently on the halo and rear wing of Williams Racing’s FW45 race car driven by Alex Albon and Logan Sargeant in the Formula 1 Rolex Australian Grand Prix 2023. The partnership is geared towards sensitizing the cryptocurrency topic on the world stage through the formula one racing programs.
Through the partnership between Kraken and Williams Racing, the former’s community can display their NFTs on the rear wing. The two entities will also collaborate on the design of limited-edition caps for select Grands Prix.
The partnership is the first global collaboration that Kraken has inked with a formula one team in a bid to increase its worldwide presence.
“Kraken and Williams Racing show what is possible when you combine vision with excellence, disruptive performance, and innovation. Both are iconic brands that have stood the test of time,” said Mayur Gupta, Kraken’s Chief Marketing Officer. “This partnership will enable us to engage with both Kraken’s and William’s global communities and showcase the impact and life-changing potential of Crypto and Web3.”
Kraken to the World
The Kraken cryptocurrency exchange has earned a global reputation with over 10 million registered users where customers can seamlessly trade Bitcoin, and Ethereum, among other digital assets. With the Williams Racing partnership, Kraken anticipates getting more global recognition amid increased competition from centralized exchanges like Coinbase Global Inc (NASDAQ: COIN) and Binance.
“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,” James Bower, Commercial Director at Williams Racing, noted.
During the partnership, Kraken is expected to produce content and experiences to educate and engage Williams Racing fans about the value and mission of crypto assets and Web3 development.
Welcome to the team, @krakenfx! 🤝#WeAreWilliams
— Williams Racing (@WilliamsRacing) March 28, 2023
Additionally, Kraken will also participate in selected Williams Racing fan zone initiatives throughout the season, with pop-up experiences in cities throughout the calendar.
Against all Odds
Kraken, which is headquartered in California, has faced several regulatory upheavals from the United States financial agencies. Earlier in February this year, the Securities and Exchange Commission charged Kraken and its subsidiaries with failing to register the offer and sale of their crypto asset staking-as-a-service program. As a result, Kraken agreed to pay $30 million in disgorgement, prejudgment interest, and civil penalties.
Additionally, Kraken agreed to cease offering crypto staking as a program in the United States. Nevertheless, the company’s staking is still available in other jurisdictions that have not restricted such crypto services.