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Cryptocurrency exchange Kraken has signed a partnership agreement with Formula 1’s Williams Racing. The collaboration aims to foster global cryptocurrency adoption.
Promote financial inclusion
Kraken hopes the partnership with Formula 1 will promote a shared vision for the future of finance and community engagement.
As detailed in a Kraken Blog Next, both organizations strive to foster a common vision for the future of finance and community engagement.
The partnership will see Kraken become the team’s first ‘Official crypto and Web3 Partner’, with the Kraken logo displayed on Williams Racing’s FW45 race car during the 2023 Formula 1 Rolex Australian Grand Prix.
The partnership aims to drive global awareness and adoption of cryptocurrencies 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 the crypto and motorsports 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.
James Bower, commercial director of Williams Racing crypto-partnership” target=”_blank” rel=”noopener”>voiced their enthusiasm for the partnership and stated that they are proud to have Kraken enter the Formula 1 space with Williams Racing, uniting two of the most trusted and oldest brands in their respective industries.
Kraken has established itself as a trusted platform for trading btc, eth, and various digital assets, serving a broad clientele of over 10 million users worldwide. With its collaboration with Williams Racing, a highly respected Formula 1 team, Kraken aims to further its mission of promoting global financial freedom and inclusion.
Kraken expands its operations
Kraken recently made strides in Europe with its decision to acquire Dutch brokerage firm Coin Meester BV (BCM), a prominent cryptocurrency broker in the Netherlands. This move aligns with Kraken’s dedication to European growth and the expansion of its services globally. Financial details remain undisclosed.
David Ripley, CEO of Kraken crypto-broker-bcm-in-commitment-to-grow-european-business” target=”_blank” rel=”noopener”>emphasized the importance of the Netherlands as a fundamental market for the company.
According to Ripley, the acquisition of BCM will give Kraken a substantial presence in the Dutch market. BCM, established in 2017, operates as a cryptocurrency broker and offers services such as cryptocurrency trading and betting. Its offerings include access to a wide range of over 170 digital assets and local funding avenues.
Mitchell Zandwijken, co-founder and CEO of BCM, said the company’s existing clientele would benefit from Kraken’s investments and innovations resulting from the acquisition.
In particular, Kraken obtained an EU electronic money institution license granted by the Central Bank of Ireland at the end of September, along with 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 strengthen Kraken’s product portfolio, benefiting BCM customers with an expanded range of services.
Additionally, the European Union’s upcoming implementation of the Cryptoasset Markets (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, allowing it to navigate the changing regulatory landscape and strengthen its position in the Dutch market.
