Cryptocurrency exchange OKX has announced a renewed and enhanced sponsorship for F1’s McLaren Racing team. However, the financial details of the deal were kept secret by both parties. OKX’s logo will be shown on the sidepods of the McLaren Racing car for seven races starting with the Australian Grand Prix and continuing through the races in Austria, Belgium, Singapore, Japan, and Sao Paulo editions. Also, McLaren Racing drivers, Lando Norris and Oscar Piastri, will wear OKX logoed suits and dungarees for the 2023 F1 season.
McLaren says that OKX has been at the forefront of expanding Formula 1’s audience by improving the team’s offerings to fans and bringing them closer to the team. Earlier this week, OKX made headlines by announcing its intention to create an office in Australia to capitalise on the country’s growing interest in digital assets.
Institutional appetite rises as crypto awakens
McLaren and OKC’s decision follows closely on the heels of Kraken’s agreement with Williams Racing, which was announced a day ago. Kraken, one of the leading cryptocurrency exchanges, is the first “Official Crypto and Web3 Partner” of the Formula One team. As part of their sponsorship agreement, Kraken will have their logo displayed on the FW45 vehicles’ halo and rear wing for the rest of the 2023 Formula One season. The Kraken emblem will also be featured on the team’s hats and racewear for the drivers.
Despite running into headwinds over the past year, cryptocurrencies have proven their resilience and their allure to institutional investors is not in doubt. Last year, Crypto.com spearheaded the crypto industry’s multi-million-dollar sponsorship deals with leading sporting brands and famously acquired the naming rights to Staples Centre, which it renamed “Crypto.com Arena”. With Bitcoin testing the $29k mark today, we are likely to see more sponsorship deals by crypto firms.