Kraken and Williams Racing Collab to Increase Web3 Adoption

Photo by PiggyBank on Unsplash

An announcement was recently made regarding strategic cooperation between the Kraken cryptocurrency exchange and the English Formula One team Williams Racing.

As a result of the cooperation, Kraken’s emblem will be displayed on the halo and rear wing of the FW45 race vehicle that Williams Racing will enter in the Formula 1 Rolex Australian Grand Prix 2023. The car will be driven by Alex Albon and Logan Sargeant.

The purpose of the alliance is to raise awareness about the subject of cryptocurrencies on a global scale by utilizing the Formula One race programs.

The NFTs held by members of the Kraken community will be shown on the rear wing of the Williams Racing car, thanks to a partnership between the two companies. Also, the two organizations are going to work together on the creation of limited-edition caps that will be worn at a number of different Grand Prix.

In an effort to expand its influence around the globe, Kraken has entered into a partnership with a Formula One racing team. This alliance marks the company’s first (1) global collaboration with a racing team.

“Kraken and Williams Racing demonstrate what is attainable when vision, excellence, innovative ability, and innovation are combined. Mayur Gupta, Chief Marketing Officer of Kraken, referred to the two companies as “iconic brands” that have endured the test of time. “This cooperation will enable us to connect with both Kraken’s and William’s global communities and illustrate the impact & life-changing possibilities of crypto and Web3,” William said.

 

About Kraken

Customers using the Kraken cryptocurrency exchange, which boasts over 10 million registered users and has garnered a global reputation, may easily trade digital assets such as Bitcoin and Ethereum. Other digital assets can also be traded.

Kraken is hoping to improve its global awareness with the help of its collaboration with Williams Racing.

This comes at a time when centralized exchanges such as Coinbase Global Inc and Binance are becoming increasingly popular.

According to James Bower, Commercial Director at Williams Racing, “We are pleased to get the relationship underway to provide our fans cutting-edge crypto and Web3 opportunities while also allowing Kraken to access new corporate clients and companies through our platform and activities.”

For the course of the relationship, Kraken will be responsible for producing content and experiences with the goal of educating and engaging Williams Racing fans about the importance of crypto assets and the objective of Web3 development.

In addition, Kraken will engage in selected Williams Racing fan zone initiatives all during the season. These efforts will include pop-up experiences at cities all across the calendar.

 

Against all Odds

Kraken, a company with its headquarters in California, has been put through a number of regulatory wringers by several financial organizations in the United States.

The SEC filed charges against Kraken and its subsidiaries in the beginning of February of this year, accusing them of failing to register the offer and sale of its crypto asset staking-as-a-service program.

As a direct consequence of this, Kraken consented to make payments totaling thirty million dollars to satisfy the disgorgement order, the prejudgment interest, and the civil penalties.

In addition, Kraken has acknowledged that it will no longer run its cryptocurrency staking program in the United States. In spite of this, the staking offered by the company is still accessible in other areas that have not placed restrictions on similar cryptocurrency services.

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