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Crypto Exchange OKX Inks F1 Mega Deal – Crypto News

  • OKX has more than 20 million users in 180 markets
  • The title sponsor of the Miami Grand Prix, Crypto.com, became the first cryptocurrency sponsor of Formula 1 last year

The upcoming Formula 1 race in Miami – which already bears the name of a crypto company – will also have a team sponsored by a rival firm in space.

Ahead of the Crypto.com Miami Grand Prix on May 8, Exchange OKX has teamed up with McLaren Racing in a multi-year deal worth “hundreds of millions,” a spokesman told Blockworks.

OKX branding will appear on McLaren cars during the event, as well as on the suits and helmets of McLaren F1 drivers Lando Norris and Daniel Ricciardo.

“We choose our partners based on our ability to provide meaningful experiences for fans and users; We’re not just interested in brand exposure,” Haider Rafique, OKX’s chief marketing officer, told Blockworks in an email. “We want to invest in both the fans and our partners and create a strong foundation for a long-term future cooperation.”

The deal comes shortly after Rafique joined OKX from rival exchange Okcoin. Prior to Okcoin, he was growth leader at Blockchain.com and head of product marketing at Microsoft.

Rafique served as a special advisor to the OKX executive team earlier this year, helping them make multi-million dollars partnership contract with Manchester City. The company announced last month that it will be building a global marketing team to bring crypto mainstream and lead the company’s international expansion efforts.

OKX is the second largest Exchange by trade volumeaccording to data and reports compiled by Blockworks with more than 20 million users in 180 markets.

Crypto.com became Formula 1’s first cryptocurrency sponsor in a reported $100 million deal. the company announced last June. It announced in February that it would be the title sponsor of the Miami Grand Prix.

Still, the deal is the first of its kind, an OKX spokesperson said, noting that no other crypto company has previously been the largest partner of a Formula 1 team. Bybit in February became a “first ally” of the Red Bull F1 team, behind title partner Oracle.

“In a rapidly evolving space, OKX is a long-established crypto brand that brings innovation, analytics and rigor to achieve great things,” McLaren Racing CEO Zak Brown said in a statement. “The first-ever Miami Grand Prix is ​​the perfect opportunity for us to launch this significant partnership through which we will work with OKX to take our fan experience to a whole new level.”


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The Post Crypto Exchange OKX Inks F1 Mega Deal is not financial advice.

Source: Crypto News Austria

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