Today cryptocurrency exchange OKX announced a partnership with F1 motor racing team McLaren Racing. The exchange has the second highest trading volumes after Binance and more than FTX and Coinbase.
OKX has become the Official Primary Partner of the McLaren F1 Team and the McLaren Shadow esports Team. The partnership will include the branding of McLaren F1 cars and drivers’ race suits with OKX logos.
The new branding will make its debut on May 8 at the 2022 Miami Grand Prix.
“The McLaren brand stands for everything that is great about F1. Speed, reliability, and performance are at the core of any top-class crypto trading platform,” said Haider Rafique, Chief Marketing Officer at OKX. “We innovate on our platform every day, ensuring the highest trade execution speed to our users, requiring ‘pit-like’ team collaboration and instincts.”
In June last year, McLaren Racing announced a partnership with Turkish cryptocurrency exchange Bitci to launch a fan token for its F1 team. However, in February this year, McLaren dropped Bitci as a sponsor. Soccer teams Sporting Lisbon and Italy’s Spezia also dropped Bitci, with Bloomberg reporting that the cryptocurrency exchange had failed to make payments to Sporting Lisbon. McLaren did not comment on the matter.
McLaren Racing also partnered with Tezos in June last year to launch non-fungible tokens (NFTs) of the team’s racing history. Tezos is a blockchain that’s considered environmentally friendly because of its proof-of-stake approach. In March this year, McLaren Automotive chose InfiniteWorld as its official metaverse partner to launch an NFT collection based on the company’s luxury cars.
Other F1 teams have also been involved in blockchain partnerships and sponsorship deals. In February, Oracle Red Bull Racing announced a sponsorship deal with Singapore cryptocurrency exchange Bybit. And last week, the Mercedes AMG Petronas team announced plans to launch an NFT collection with its cryptocurrency exchange partner FTX US.
