Crypto exchange Kraken signed a multi-year global pact with Formula One team Williams Racing, marking the trading platform’s first major sponsorship deal even as sports tie-ups with digital-asset firms become increasingly unpopular.
Formula One has become a hot ticket for crypto companies looking to splash out on high-profile marketing. Hundreds of millions of dollars were spent by companies including Crypto.com and OKX, and all 10 teams had at least one crypto sponsor in 2022. But a months-long collapse in prices, followed by a wave of bankruptcies and scandals, had almost halved the presence of crypto brands at the start of this season.
Source: https://www.bloomberg.com/news/articles/2023-03-28/crypto-s-kraken-and-williams-racing-formula-one-team-sign-sponsorship-deal?in_source=embedded-checkout