<p>
Williams
Racing and Kraken, a popular crypto platform, announced a global
partnership ahead of the Australian Grand Prix in Melbourne. This marks
Kraken's first-ever official crypto and Web3 partner of the Formula 1 (F1)
team.</p><p>Kraken and Williams Racing
Announce Crypto Partnership</p><p class="MsoNormal">According
to a press release <a href="https://www.williamsf1.com/posts/315c4334-4ab2-4991-8557-066c8759b776/williams-racing-and-kraken-announce-global-crypto-partnership" target="_blank" rel="nofollow">published </a>on Williams F1's official website, throughout the
rest of the 2023 FIA Formula One World Championship season, Kraken's logo will
be prominently displayed on the FW45 racing car halo and rear wing.
Additionally, the branding will be featured on driver racing attire and team
headwear.</p><p class="MsoNormal">In addition
to the partnership agreement, the rear wing of FW45 will exhibit KrakenNFT
digital art pieces owned by customers sourced from third-party NFT initiatives
during specific Grand Prix events. Furthermore, Williams and Kraken will join
forces to create exclusive limited-edition caps for certain Grands Prix
occasions.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">???? Today we’re thrilled to announce Kraken as an official partner of <a href="https://twitter.com/WilliamsRacing?ref_src=twsrc%5Etfw">@WilliamsRacing</a>! Together we’re accelerating the crypto revolution on and off the grid ????More info: <a href="https://t.co/ASxKLrBlFo">https://t.co/ASxKLrBlFo</a> <a href="https://t.co/5RfIdkZKbZ">pic.twitter.com/5RfIdkZKbZ</a></p>— Kraken Exchange (@krakenfx) <a href="https://twitter.com/krakenfx/status/1640700416156397571?ref_src=twsrc%5Etfw">March 28, 2023</a></blockquote><p class="MsoNormal">"Kraken's
partnership with Williams Racing shows what is possible when you combine a
great mission with excellence, innovation and breakthrough performance. These
are both iconic brands that have stood the test of time. We're excited to
engage with both Kraken's and Williams Racing's global communities, showcasing
the power and life-changing impact of crypto and Web3," Mayur Gupta, the
Chief Marketing Officer at Kraken, commented.</p><p class="MsoNormal">With a
focus on engaging fans and the community, Kraken will take part in various
Williams Racing fan zone activities during the season. Simultaneously, the
crypto <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> will develop content to inform and educate F1 fans about the objectives
and importance of Web3 technology.</p><p class="MsoNormal">James
Bower, the Commercial Director of Williams Racing, expressed his pride and
excitement about the partnership with Kraken, highlighting that it unites two
well-established and trusted brands from their respective industries.</p><p class="MsoNormal">"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," Bower summarized. </p><p>Brokers and Exchanges Bet
on F1</p><p class="MsoNormal">The first
FX/CFD company to bet on Formula One sponsorship <a href="https://www.financemagnates.com/forex/brokers/xtb-is-on-a-roll-interview-with-ceo-jakub-zablocki/" target="_blank" rel="follow">was X-Trade Brokers</a> (now XTB) more
than ten years ago. Since then, many more retail brokers have decided to
partner with teams of the popular racing series. In 2018, such a partnership
with the <a href="https://www.financemagnates.com/thought-leadership/fxpro-and-mclaren-f1-team-extend-partnership/" target="_blank" rel="follow">McLaren F1 Team was established by FxPro</a>, which was extended in 2021,
while a year ago, the popular <a href="https://www.financemagnates.com/terms/p/payments/" class="terms__secondary-term" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45">payments</a> services provider, <a href="https://www.financemagnates.com/fintech/nuvei-become-mercedes-formula-1-teams-official-sponsor/" target="_blank" rel="follow">Nuvei</a>, became a
sponsor of the Mercedes team.</p><p class="MsoNormal">In addition, the
cryptocurrency industry has experience in sponsoring sports and F1 teams.
In 2021, <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-com-becomes-a-sponsor-of-aston-martin-f1-team/" target="_blank" rel="follow">Crypto.com announced</a> that it has become a sponsor of the Aston Martin
F1 Team, and in 2019 FuturoCoin joined as <a href="https://www.financemagnates.com/cryptocurrency/news/futurocoin-becomes-first-crypto-firm-to-sponsor-formula-1-team/" target="_blank" rel="follow">a partner of Aston Martin Red Bull
Racing</a>. Unfortunately, the latter turned out to be a scam promoted by the
fraudulent company FutureNet. Roman Ziemianin, the pyramid's creator, was
arrested in late 2022.</p><p>Positive News for Kraken
after Tough Months</p><p class="MsoNormal">The news of
a sponsorship deal signed with a Formula One team is the first upbeat note
regarding Kraken after a year of cryptocurrency operational and
regulatory problems.</p><p class="MsoNormal">In
November, the exchange announced that it was cutting its global workforce <a href="https://www.financemagnates.com/cryptocurrency/crypto-exchange-kraken-cuts-global-workforce-by-30/" target="_blank" rel="follow">by
30% </a>in order to adapt to challenging market conditions. Less than a month
later, it admitted that it was <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-shut-operations-in-japan-by-citing-weak-crypto-market/" target="_blank" rel="follow">suspending operations in Japan</a> due to the weak
cryptocurrency market.</p><p class="MsoNormal">However,
the real problems started after February 2023, when Kraken found itself <a href="https://www.financemagnates.com/cryptocurrency/kraken-faces-sec-probe-over-unregistered-securities-listings/" target="_blank" rel="follow">under
the sight of the US SEC</a> in connection with a listing of unregistered
securities. Finance Magnates reported that the <a href="https://www.financemagnates.com/cryptocurrency/kraken-shuts-staking-as-a-service-in-us-amid-30m-sec-settlement/" target="_blank" rel="follow">exchange shut down
Staking-as-a-Service</a> and agreed to pay $30 million to settle with the market
supervisor over its activities in the US.</p><p class="MsoNormal">Regulatory
problems prompted news of a possible <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-move-from-exchange-to-crypto-bank-amid-us-regulatory-dispute/" target="_blank" rel="follow">exchange conversion into a crypto bank</a>.
The idea was first presented in 2020 and has now resurfaced in the face of
regulatory pressure.</p><p class="MsoNormal">In the wake
of Silvergate Bank's downfall, <a href="https://www.financemagnates.com/cryptocurrency/news/kraken-to-suspend-ach-deposits-and-withdrawals/" target="_blank" rel="follow">Kraken has opted to discontinue ACH deposit</a> and
withdrawal services. Since 2019, Kraken has been among several crypto exchanges
utilizing the Silvergate Exchange Network (SEN) for ACH transactions in the
United States.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
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