The American crypto exchange Kraken has managed to integrate Bitcoin (BTC) into their sponsorship of the Formula 1 team Williams Racing. On March 28, both companies confirmed the collaboration, which includes a broader brand relationship between the two. announced.
Bitcoin whitepaper on formula 1 car
The Kraken logo that can be seen on the Formula 1 car appears to be a normal logo at first glance, but if you zoom in you can see that it is actually made up of different lines from the white paper from Bitcoin. This white paper, which first explained the idea behind Bitcoin, was shared by Satoshsi Nakamoto on October 31, 2008.
The Kraken branding can also be seen on the car’s halo and rear wing, as well as on the driver’s outfits and team caps.
In addition, the rear wing of the car will display non-fungible tokens (NFTs) from Kraken’s marketplace, Kraken NFT. The crypto exchange opened the doors to this marketplace in December 2022, after introducing a waiting list in May earlier in the year.
Williams Racing commercial director James Bowe said the partnership will additionally provide fans with “advanced crypto and Web3 experiences” and help Kraken establish relationships with new corporate and institutional customers.
Other statements suggest the partnership will include pop-up fan experiences, merchandise giveaway contests and other events.
Formula 1 and crypto collaborations
This is not the first time Formula 1 and the crypto world have joined forces. Several Formula 1 teams have already formed partnerships with blockchain companies.
For example, Crypto.com entered into a partnership with Aston Martin Cognizant Formula One in March 2021. It later became a crypto sponsor for Formula 1 in its entirety. That partnership saw Crypto.com handle NFTs for the race group, as well as working towards carbon neutrality targets.
Bybit also sponsored Red Bull’s Formula 1 team in 2022. Tezos ended another Red Bull sponsorship deal in December 2022, but remains involved in a partnership with McLaren Racing and related entities since 2021.