A team funded by a competitor in the area will compete in the upcoming Formula 1 race in Miami, which already bears the name of a crypto business. OKX has signed a multi-year partnership with McLaren Racing worth “hundreds of millions of dollars.”
During the event, OKX branding will be visible on McLaren cars, as well as Lando Norris and Daniel Ricciardo’s outfits and helmets.
“We chose our partners based on our ability to give meaningful experiences to fans and users; we aren’t simply interested in brand promotion. “We want to invest in both our fans and our partners in order to build a solid foundation for long-term future collaborations.”
Earlier this year, Rafique served as a special adviser to the OKX executive team, where he assisted in the negotiation of a multimillion-dollar relationship with Manchester City. Last month, the business stated that it will manage the company’s foreign expansion efforts and develop a worldwide marketing team to bring crypto mainstream.
OKX is the second-largest exchange by trading volume, with more than 20 million customers across 180 markets.
Last June, the company claimed that it had become the first cryptocurrency sponsor of Formula 1 in a reported $100 million contract. It announced in February that it would be the Miami Grand Prix’s title sponsor.
According to an OKX representative, this is the first of its type, as no other crypto company has ever been the largest partner of a Formula 1 team. Bybit joined Red Bull’s F1 squad as a “first-tier ally” in February, behind title partner Oracle.
McLaren Racing CEO Zak Brown said in a statement:
OKX is a long-established crypto brand that blends innovation, analytics, and precision to accomplish amazing things in a rapidly-evolving area. The first Miami Grand Prix is the ideal venue for us to announce this big agreement, in which we will work with OKX to elevate our fan experience to new heights.
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