Malta-based OKX, which operates a global crypto exchange, announced the extension of its partnership with British Formula One (F1) team McLaren Racing on Thursday.
OKX and McLaren Racing Extend Sponsorship Agreement
The first multi-year agreement between OKX and McLaren Racing was concluded last May, and neither party disclosed its financial terms. Now news has emerged that the team has extended sponsorship terms with the cryptocurrency exchange, which has secured increased pressure on the MCL60 team car.
According to the latest agreement, the OKX logo will appear on the car's sidepods during seven races, including in the upcoming Australian Grand Prix this weekend. In addition, the OKX logo will be on the suits of drivers Norris and Oscar Piastri until the end of the current season.
"We are delighted to be growing our Primary Partnership with OKX, a long-established leader in the cryptocurrency sector. When partnering with brands in dynamic, fast-evolving industries like crypto, it's important to be aligned with companies who work to the highest standards and to carry a responsibility to educate people on new technologies - and our partnership with OKX has led by example," Zak Brown, the CEO of McLaren Racing, commented.
We are delighted to announce an expansion to our partnership with @OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, increasing its support as an Official Primary Partner of the team. ???? Let’s go racing at the #AusGP! ????????
— McLaren (@McLarenF1) March 30, 2023
"OKX are pushing to elevate our fan experience offering, finding ways to bring the papaya fans closer to our team, while opening up the world of Formula 1 to a completely new audience."
In 2022, OKX executed a full livery revamp of the MCL36, initiating the #FutureMode campaign during the Singapore and Japanese Grands Prix. This campaign commemorated McLaren's comeback to racing in the Asia Pacific, which is a crucial region for OKX's growth and presence.
McLaren Racing's Deep Connection With Finance World
For McLaren's F1 racing team, the partnership with OKX is not the first from the wide world of finance. Last June, the team signed a multi-year sponsorship deal with Goldman Sachs, which elevates the team to meet its sustainability goals. In late 2021, cooperation with the team was extended by FxPro brokerage.
More interestingly, McLaren Racing is acquiring talent from the financial market. In October, Dylan Holman departed eToro to take on the role of Head of Primary Partner at the British racing team. Holman left the Head of Global Sponsorships position with the Israeli social trading and multi-asset broker after more than six years of service.
Just yesterday, another F1 Team, Williams Racing, announced that cryptocurrency exchange Kraken has become one of its sponsors. Its logo will appear on the FW45 car halo and rear wing until the end of this season.
Formula One and the financial industry have been linked for years, including FX/CFD. X-Trade Brokers (now XTB) was the first FX company to bet on F1 sponsorship, signing a deal with Vodafone Mercedes Racing Team in 2010.
This article was written by Damian Chmiel at www.financemagnates.com.
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