F1 Williams Racing Forays Into Web3 With Exclusive Partnership With Kraken
On Tuesday, March 28th, the cryptocurrency exchange Kraken, and the Formula 1 team Williams Racing announced the latter’s first-ever cryptocurrency partnership. According to Kraken’s press release, the partnership will involve the putting of the exchange’s logo on racing cars, as well as certain web3-related perks for select NFT holders.
Kraken Partners With Williams Racing
This Tuesday, the Formula 1 team Williams Racing and the cryptocurrency exchange Kraken announced an exclusive partnership. The cooperation will entail the displaying of Kraken’s logo on the racing cars, as well as the production of experiences and content intended to educate F1 fans about digital assets.
Additionally, Kraken revealed that “select NFT holders” will see their non-fungible tokens on display on the rear wing of the F1 team’s racing car. The partnership was revealed shortly before Williams Racing is set to compete in the Australian Grand Prix in Melbourne.
According to Williams’ press release, the team’s Commercial Director stated that his team is “proud that Kraken is entering Formula 1 with Williams Racing, bringing together two of the most trusted and longest standing brands in our respective industries.” and added that they are “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.”
The exchange’s CMO also painted the cooperation in a very positive light saying that “Kraken’s partnership with Williams Racing shows what is possible when you combine a great mission with excellence, innovation and breakthrough performance,” and stated that it will help with “showcasing the power and life-changing impact of crypto and Web3.”
The partnership comes at a trying time for Kraken and the wider digital asset industry. The exchange was recently forced to discontinue its cryptocurrency staking service in the US due to a $30 million settlement with the SEC. Furthermore, the period has seen an increasingly hostile regulatory landscape with the most recent action coming in the form of a CFTC civil suit against Changpeng Zhao and Binance.
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Legacy Companies Increasingly Interested in Digital Assets and Web3
Despite the recent turmoil in the digital asset industry, numerous major legacy companies continue showing enthusiasm for web3, cryptocurrencies, and the blockchain. Earlier this year, BNY Mellon, America’s oldest continuously-operating bank, called the technology its “longest-term play”. Firms from outside the financial sector have also been showing increased interest.
In late January, the retail giant Walmart filed for several new web3 and NFT-related trademarks for its Sam’s Club. Additionally, Amazon is expected to officially announce its own non-fungible token initiative in April. Despite some turmoil in the initial attempts to bring web3 into the gaming industry, the President of the legendary video game maker, Square Enix, doubled down on the company’s blockchain ambitions.
All efforts, however, haven’t gone entirely smoothly. Porsche’s recent launch of the luxury-car-inspired NFT collection was met with a relatively poor reception. Furthermore, Mark Zuckerberg’s Meta, a company that has been trying to integrate non-fungible tokens with its platforms for over a year, recently announced it is ending support for digital collectibles.
Do you think that partnerships with major sports teams offer a good way to educate people about cryptocurrencies and blockchain technology? Let us know in the comments below.