Kraken, the cryptocurrency exchange, has entered into a partnership with Formula 1’s Williams Racing team with the goal of promoting the widespread adoption of cryptocurrencies.
This collaboration is driven by a shared vision for the future of finance and community engagement, as outlined in a Kraken blog post. Both organizations are working together to nurture a common perspective on the future of finance and community involvement.
Under this partnership, Kraken will become the official cryptocurrency and Web3 partner of the Williams Racing team. The Kraken logo will be prominently featured on Williams Racing’s FW45 race car during the 2023 Formula 1 Rolex Australian Grand Prix. The primary objective is to raise global awareness and encourage the adoption of cryptocurrencies and Web3 technologies, offering fans cutting-edge experiences in the crypto and Web3 space.
As part of this collaboration, exclusive digital collectible experiences will be created to engage both the crypto and motorsport communities. For the first time, holders of specific digital collectibles on KrakenNFT will have the opportunity to showcase their NFTs on the Williams Racing car, showcasing Kraken’s commitment to community engagement.
James Bower, the commercial director of Williams Racing, expressed enthusiasm about this partnership, highlighting the unity of two of the most trusted and long-standing brands in their respective industries.
Kraken has established itself as a trusted platform for trading Bitcoin, Ethereum, and various digital assets, serving a vast clientele of over 10 million users globally. By teaming up with Williams Racing, a highly respected Formula 1 team, Kraken aims to further its mission of promoting global financial freedom and inclusivity.
Kraken has been expanding its operations in Europe with the acquisition of Dutch brokerage firm Coin Meester BV (BCM), a prominent crypto broker in the Netherlands. While the financial details of the acquisition remain undisclosed, this move aligns with Kraken’s commitment to European growth and global service expansion. David Ripley, CEO of Kraken, emphasized the strategic importance of the Netherlands as a key market for the company.
Ripley noted that acquiring BCM would provide Kraken with a substantial foothold in the Dutch market. BCM, established in 2017, operates as a crypto broker, offering services such as cryptocurrency trading and staking, with access to a wide range of over 170 digital assets and local funding options.
Mitchell Zandwijken, the co-founder and CEO of BCM, expressed optimism about the benefits this acquisition would bring to their existing clientele, with access to Kraken’s investments and innovations.
Kraken’s recent acquisition of an EU e-money institution license from the Central Bank of Ireland and a Virtual Asset Service Provider (VASP) registration from the Bank of Spain positions the company to expand its presence across Europe effectively.
The acquisition of BCM is expected to enhance Kraken’s product portfolio, offering a broader range of services to BCM’s clients.
Additionally, Kraken’s strategic move to acquire BCM prepares the company for the forthcoming implementation of the Markets in Crypto Assets (MiCA) regulatory framework by the European Union in December, providing a grace period for companies to achieve compliance. This strategic positioning enables Kraken to navigate the evolving regulatory landscape and strengthen its presence in the Dutch market.