March 27, 2024
OKX Strengthens McLaren Partnership Amid Crypto Surge
Latest Cryptocurrency News

OKX Strengthens McLaren Partnership Amid Crypto Surge

Cryptocurrency exchange OKX has extended its collaboration with the McLaren Racing Formula 1 team, securing prominent branding space on its race cars for the 2024 F1 season.

OKX’s logo will adorn the side pods of McLaren’s F1 car livery for 20 of the 24 races in the upcoming season, drawing inspiration from the OKX-McLaren “Stealth Mode” design featured in the Singapore and Japan Grand Prix races in 2023.

OKX’s Chief Marketing Officer, Haider Rafique, noted the positive impact of the partnership on brand awareness, with the side pods being a highly visible advertising spot on F1 cars. The expanded deal follows successful collaboration results, generating over three billion impressions through TV and online exposure, along with leveraging F1’s global footprint for in-market exposure.

The partnership has enabled OKX to engage with McLaren’s fan base through exclusive events, such as the OKX Race Club event at the Singapore Grand Prix in 2023, attended by driver Lando Norris, attracting over 7,000 attendees and 3,000 new OKX Web3 wallets created during the event.

Rafique emphasized the potential for a long-term partnership with McLaren, viewing it as potentially decades-long and generational. He expressed a desire for the association between OKX, Web3, F1, and McLaren to become ingrained, similar to his affinity for Ayrton Senna and McLaren during his youth.

“This aligns perfectly with our mission to make the crypto economy accessible to everyone and to educate the public about the benefits and opportunities within this space.”

While confirming the side pod branding for the upcoming race calendar, the financial details of the deal and plans beyond 2025 were not disclosed by Rafique.

OKX is among several cryptocurrency entities involved in sponsorship and advertising within F1. Cryptocurrency betting and casino platform Stake recently secured naming rights to Sauber’s F1 team until 2026.

“Crypto was once a niche grassroots movement, but it is now also steadily growing in prominence, adding new utility and broadening its relevance and appeal to mainstream audiences — take the approval of the Bitcoin ETF in the U.S. as an example.”

Reflecting on the increasing cryptocurrency sector involvement in F1, Rafique highlighted the sport’s global appeal across diverse age groups, demographics, and socioeconomic backgrounds. OKX initially partnered with McLaren in May 2022 as a primary partner to its F1 team, featuring its branding on the MCL60 racing car in 2023. Crypto.com has also been a notable F1 sponsor since 2021, sponsoring circuits globally and the Aston Martin Aramco Cognizant F1 team.

Image by vecstock on Freepik

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