Crypto exchange Kraken signed a partnership deal with Formula 1’s Williams Racing. The collaboration aims to foster global crypto adoption.  

Fostering financial inclusivity

Kraken expects the Formula 1 partnership to promote a shared vision for the future of finance and community engagement. 

As detailed in a Kraken blog post, both organizations strive to nurture a common vision for the future of finance and community involvement.

The partnership will see Kraken become the team’s first-ever ‘Official Crypto and Web3 Partner,’ with the Kraken logo displayed on Williams Racing’s FW45 race car during the Formula 1 Rolex Australian Grand Prix 2023. 

The partnership aims to drive global awareness and adoption of crypto and Web3, and offer fans cutting-edge crypto and Web3 experiences

As part of this collaboration, unique digital collectible experiences will be created to engage crypto and motorsport communities. For the first time, holders of specific digital collectibles on KrakenNFT will have the opportunity to display their NFTs on the Williams Racing car, highlighting Kraken’s dedication to community engagement.

Williams Racing commercial director James Bower expressed his excitement over the partnership, stating that they are proud that Kraken is entering the Formula 1 space with Williams Racing, uniting two of the most trusted and longest-standing brands in their respective industries. 

Kraken has established itself as a trusted platform for trading BTC, ETH, and various digital assets, serving a vast clientele of over 10 million users globally. With its collaboration with Williams Racing, a highly respected Formula 1 team, Kraken aims to further its mission of promoting global financial freedom and inclusivity.

Kraken expanding operations 

Kraken recently made strides in Europe with its decision to acquire Dutch brokerage firm Coin Meester BV (BCM), a prominent crypto broker in the Netherlands. This move aligns with Kraken’s dedication to European growth and expanding its services globally. Financial details remain undisclosed.

Kraken CEO David Ripley emphasized the significance of the Netherlands as a pivotal market for the company.

According to Ripley, acquiring BCM will grant Kraken a substantial foothold in the Dutch market. BCM, established in 2017, functions as a crypto broker, offering services such as cryptocurrency trading and staking. Their offerings include access to a wide array of over 170 digital assets and local funding rails.

Mitchell Zandwijken, the co-founder and CEO of BCM, stated that the company’s current clientele would gain from Kraken’s investments and innovations resulting from the acquisition.

Notably, Kraken obtained an EU e-money institution license from the Central Bank of Ireland in late September, alongside a Virtual Asset Service Provider (VASP) registration from the Bank of Spain. With these regulatory approvals in place, Kraken is poised to enhance its presence across Europe.

The acquisition of BCM is expected to bolster Kraken’s product portfolio, benefiting BCM’s clients with an expanded range of services.

Furthermore, the European Union’s upcoming implementation of the Markets in Crypto Assets (MiCA) regulatory framework, scheduled for next December, offers companies a grace period for compliance. Kraken’s strategic move to acquire BCM positions the company strategically, enabling it to navigate the evolving regulatory landscape and strengthen its foothold in the Dutch market.

Source : crypto.news by Ogwu Osaemezu Emmanuel / October 15, 2023