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- Kraken’s 24-hour trading volume slipped 19% and was $731,014,555 at press time.
- The crypto exchange has an active user base of 9 million.
Kraken, one of the leading cryptocurrency exchanges globally, signed a sponsorship deal with the F1 William Racing team on March 28.
William Racing is among the top racing teams including Ferrari, McLaren and Mercedes. This is Kraken’s first partnership in the F1 racing world.
The partnership will be promoted via a logo of Kraken on the halo and rear wing of William FW45 race car. The FW45 car is driven by drivers Alex Albon and Logan Sargeant who will also wear Kraken’s logo on their racing gear.
Moreover, both Kraken and William Racing will collectively work on designing special limited edition caps with Kraken’s logo which will be worn at Grand Prix. The commercial Director of William Racing, James Bower expressed his happiness with the partnership because William Racing and Kraken are one of the most reliable and established players in their specified industries.
Bower said that they are excited to offer fans an innovative experience in the crypto industry and web3 and will help the exchange to gain more institutional customers and companies using their fanbase and sporting events.
According to the crypto exchange, partnership with the William motorsport team will help them gather more users and will also boost cryptocurrency adoption. The exchange added “For the first time, holders of some of the most exciting digital collectible projects on KrakenNFT will be able to display their NFTs on the rear wing, alongside Kraken.”
Kraken has invested in 11 major companies such as Blockchain Association, Gnosis, Anchorage Digital, Messari, Prime Trust, Rocket Dollar, Chingari and Blockdaemon. Kraken acquired 11 organisations including Staked us, Bit Trade, Circle Trade, Cryptowatch, Glidera, CryptoFacilities, CleverCoin, Coinsetter among others on the list.
According to data up to 2022, Formula 1 racing has 445 million strong fanbase and crypto has a user base around 420 million. It’s a win-win for both industries as both industries could get millions of potential fans or customers.
As of now the crypto industry has more than 500 centralised and decentralised exchanges and the industry has over 23K active cryptocurrencies in the space. Kraken took the third position in the crypto market after FTX of Sam Bankman Fried collapsed.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
