F1’s Williams Racing has signed a sponsorship deal with US cryptocurrency exchange Kraken after dumping driver Nicholas Latifi, who allegedly brought in billions of dollars in sponsorship. concluded.
The two companies announced on March 28 that the Kraken logo will appear on Williams’ F1 machine and that efforts will also be made using NFTs.
U.S. cryptocurrency exchanges are facing not only scrutiny from traders, but also regulatory tightening after the failures of FTX and three banks closely linked to the industry.
In February, Kraken paid a $30 million settlement to settle a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) that it suspended staking services for U.S. customers and offered unregistered securities. Other exchanges, including Coinbase and Binance, have also suffered from increased regulation.
Although the so-called “crypto winter” has seen a decline in sponsorships and partnerships by crypto-related companies by the end of 2022, several exchanges are still signing new partnership deals.
For example, in January, Coinbase announced that it had become a premium partner of German Bundesliga football club Borussia Dortmund.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Original: Kraken Lands Sponsorship Deal With Williams Racing Despite US Regulatory Crackdown