Kraken sponsors F1 car with Bitcoin whitepaper
The vehicle will also feature numerous other pieces of exchange branding.
Crypto exchange Kraken has sponsored a Formula 1 (F1) sports car featuring a section of the Bitcoin whitepaper, as revealed on Twitter on March 31.
Kraken logo is actually BTC whitepaper
The Kraken logo, featured on a car belonging to Formula 1 team Williams Racing, is in fact made up of several lines of text from the Bitcoin whitepaper:
The partnership, which includes a broader branding relationship between Kraken and Williams Racing, was announced on March 28 by both companies.
Kraken branding can also be seen on the car’s halo and rear wing and on driver outfits and team caps, according to the announcement.
Furthermore, the rear wing of the car will display non-fungible tokens (NFTs) or digital collectibles from Kraken’s marketplace, Kraken NFT. The company opened that marketplace to the public in December 2022 after introducing a waitlist in May of that year.
James Bower, Commercial Director at Williams Racing, said the partnership will additionally provide “cutting-edge crypto and Web3 experiences” to fans while helping Kraken form relationships with new corporate and institutional clients.
Other statements suggest that the partnership will include pop-up fan experiences, merchandise giveaway contests, and other events.
Other Formula 1 crypto partnerships
Sports partnerships are fairly common in the crypto industry, and various Formula 1 teams have specifically formed relationships with blockchain firms.
Crypto.com entered a partnership with Aston Martin Cognizant Formula One in March 2021. Later, it became a crypto sponsor for Formula 1 in its entirety. That partnership saw Crypto.com handle NFTs for the racing group and work toward carbon neutrality goals.
Elsewhere, ByBit sponsored Red Bull’s Formula 1 team in 2022. Tezos incidentally ended a Red Bull sponsorship deal in December 2022 but remains involved in a partnership with McLaren Racing and related entities that dates back to 2021.
Dogecoin co-creator Billy Markus also expressed interest in having the Dogecoin community sponsor the Haas F1 team in 2022, though this did not occur.