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Kraken Lands Sponsorship Deal With Williams Racing Despite U.S. Regulatory Crackdown
The F1 team recently lost its most prominent driver, Nicholas Latifi, who brought in multiple sponsorship deals.
By Helene Braun
Updated May 9, 2023, 4:11 a.m. Published Mar 28, 2023, 3:00 p.m.
Formula 1 team Williams Racing signed U.S. crypto exchange Kraken as a sponsor after losing one of its most prominent drivers, Nicholas Latifi, who reportedly brought in a large amount of sponsorship fees.
Kraken’s logo will be displayed on the team’s race cars and there will also be a non-fungible token (NFT) experience, the companies said Tuesday.
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The partnership comes as U.S.-based crypto exchanges face not just ongoing scrutiny from traders but also accelerating regulatory actions after the collapse of the FTX crypto exchange and three banks that had links to the industry.
Last month Kraken was forced to shut its staking-as-a-service platform for U.S. customers and pay a $30 million fine to settle charges from the Securities and Exchanges Commission, which sued the exchange for offering unregistered securities. Other exchanges, including Coinbase and Binance, are also grappling with investigations by U.S. regulators.
While crypto sponsorships and partnerships slowed toward the end of 2022, roiled by the so-called crypto winter, some exchanges have nevertheless landed new partnerships. In January, Coinbase announced it became a premium partner of German soccer club Borussia Dortmund.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Galaxy’s onchain debt deal, where JP Morgan acted as arranger, was settled in USDC stablecoin and backed by Coinbase and Franklin Templeton.
What to know:
- J.P. Morgan arranged Galaxy Digital’s commercial paper issuance on the Solana blockchain, one of the first of its kind in the U.S.
- Coinbase and Franklin Templeton bought the short-term debt instrument, settled in USDC
- Tokenization of real-world assets is gaining traction, with projections suggesting the market could reach $18.9 trillion by 2033.
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