The Block: Kraken to team with F1's Williams Racing as its first-ever crypto partner

If you've ever wanted to see your NFT race by on a Formula 1 car, now's your chance. Just two days before the Grand Prix in Melbourne is due to kick off, Kraken announced that it's partnering with Williams Racing to become the team's first-ever official crypto and web3 partner.

Kraken , which earlier this month acknowledged a regulatory "weird place" amid the recent shuttering of its on-chain staking services for U.S. clients to settle charges brought by the U.S. Securities and Exchange Commission, said the partnership will connect racing fans around the world to the crypto community "on a quest for financial freedom."

The crypto exchange said it plans to give selected Kraken NFT holders a chance to see their digital collectibles displayed on the rear wing the Williams Racing car, which will also feature Kraken branding for the remainder of the 2023 FIA Formula One World Championship season. The exchange said it will to announce additional benefits including exclusive content, fan pop-ups and co-branded merchandise.

"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,” Williams Racing commercial director James Bower said in a statement .

Crypto's Formula 1 love affair While there has been a small drop in crypto-related Formula 1 sponsorship this year amid a broader challenges across the industry, the web3 sector is still "going strong" with new brands continuing to join the race, according to RTR Sports Marketing .

In 2021, the now defunct exchange FTX announced a long-term sponsorship deal with F1's Mercedes-AMG Petronas that was supposed to have spanned multiple race seasons.

Crypto.com, which cut 20% of its workforce amid sector-wide layoffs earlier this year, continues to be a global Formula 1 partner along with heavyweights Aramco, AWS, DHL, Heineken, MSC Cruises, Firelli, Qatar Airways, Rolex and Salesforce.

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