Cryptocurrency companies are now seeing value in the race tracks. Malta-based OKX, which operates a global crypto exchange, announced on Wednesday its partnership with British Formula One team McLaren Racing.
It is a major multi-year deal between the two. However, neither revealed the financial terms.
Under the agreements of the sponsorship deal, OKX will get the status of McLaren Racing’s Official Primary Partner. Further, the crypto exchange will become the primary partner of McLaren’s Shadow esports team, which debuted in 2017.
The partnership between the two will be put on the public display at the 2022 Miami Grand Prix, which will be held on 8 May.
“We are thrilled to announce this primary partnership with OKX ahead of the Miami GP. In a rapidly-evolving field, OKX is a long-established crypto brand that brings innovation, analytics and accuracy to accomplish great things,” said the CEO of McLaren Racing, Zak Brown.
Massive Branding Opportunity
OKX, which was previously known as OKEx, scored some sweet branding spots on the racing team’s real estate. The branding of the crypto exchange will be featured on the rear wing, front wing, mirrors, cockpit side, nose, and inner halo of the McLaren MCL36 F1 cars. Further, the racing overalls and helmets of McLaren F1 drivers Lando Norris and Daniel Ricciardo will also carry the OKX logo.
Moreover, the OKX branding will appear on the McLaren F1 Team and McLaren Shadow Team kits.
“The first-ever Miami Grand Prix is the perfect occasion for us to launch this significant partnership, through which we will collaborate with OKX to take our fan experience to all-new levels,” Brown added.
OKX has become the second-largest crypto exchange in terms of volumes. The trading activities on the exchange have surged by 700 percent since 2021. Earlier, the crypto exchange partnered with the English football club, Manchester City, in another major sports-sponsorship deal.
