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OKX McLaren F1 deal paves way for crypto sports sponsorship 

OKX McLaren F1 deal paves way for crypto sports sponsorship
TL;DR Breakdown
  • OKX teams up with McLaren Racing.
  • The exchange’s executive team previously signed a multimillion-dollar partnership with Manchester City.

The crypto business has leaped ahead in its race to win over sports fans all around the world. Today, OKX (formerly OKEx), a cryptocurrency exchange, announced that it has become the “largest primary partner” of the McLaren Formula 1 team. 

The next Formula 1 race in Miami, which has been renamed after a cryptocurrency company, will feature a team sponsored by an opposing industry leader. 

OKX has teamed up with McLaren Racing in a multi-year agreement worth “hundreds of millions,” according to reports, ahead of the Crypto.com Miami Grand Prix on May 8. 

The logo of the upcoming FORMULA 1 season will be seen on McLaren vehicles during the race, as well as on the suits and helmets of F1 drivers Lando Norris and Daniel Ricciardo. 

We pick our partners based on the prospect of providing meaningful interactions for consumers and users; we’re not just concerned with brand exposure. We want to put a strong foundation down for future partnerships by investing in both fans and partners.

Haider Rafique, OKX Chief Marketing Officer

The agreement is “the first of its kind,” and it goes into effect immediately, per what was stated. “No other crypto firm, aside from OKX, can claim to be the team’s primary partner,” it added. 

McLaren currently occupies fourth place in the constructors’ standings, with drivers Lando Norris and Daniel Ricciardo presently ranked sixth and 11th, respectively. Norris achieved a third-place finish in the Italian Grand Prix this season while driving an MCL36 car for the first time. 

Cryptocurrency sponsor of Formula 1 

Last June, the firm announced that it had struck a $100 million sponsorship agreement with Crypto.com, becoming the series’ first cryptocurrency sponsor. The company stated in February that it would be the title sponsor of the Miami Grand Prix. 

However, the agreement is novel, with no other crypto firm having previously been Formula 1 team’s largest partner. Bybit became a “top-tier ally” of Red Bull’s F1 team in February after signing a sponsorship deal with Oracle. 

OKX is a long-standing crypto brand that brings innovation, analytics, and precision to its work in order to achieve great things. The inaugural Miami Grand Prix is an ideal opportunity for us to debut this vital partnership with OKX by combining our fan experience in new ways.

Zak Brown, CEO of McLaren Racing

OKX partners Man City 

Working with Manchester City earlier this year, Rafique was a special adviser to the OKX executive team and helped secure a multimillion-dollar partnership deal. Last month, the firm announced that it would establish a worldwide marketing department to make crypto more popular and lead the company’s overseas growth initiatives. 

OKX became an official partner of Manchester City as the company seeks to enter the world of sports. The new relationship is in line with our similar beliefs in terms of innovation, ambition for success, and being at the forefront of our industries. We share their broad and inclusive approach to reaching diverse audiences, which is in line with ours. We are excited to collaborate with them throughout the term of the agreement.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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