Per Coin Telegraph

For the first after the whole crypto fiasco with crypto exchanges like FTX going bust, a Formula 1 team is finally opening up again to crypto sponsorships despite the wake of multiple crashes across the market. Williams Racing F1 team has accepted a sponsorship partnership and Web3 deal with Kraken.

This comes as the first time that a Formula 1 team has accepted a deal with a crypto firm after multiple crypto firms collapsed in 2022. Aside from sporting the Kraken logo on their cars, the sponsorship also includes the creation of branded team merch and non-fungible tokens (NFTs).

James Bower, the commercial director of Williams Racing, gave a statement regarding the sponsorship and their thoughts on the matter. It was also noted how their team would benefit Kraken and how it could potentially reach new clients.

Bower: “We’re excited to get the partnership underway to offer our fans cutting-edge crypto and Web3 experiences, while also enabling Kraken to reach new institutional clients and businesses through our network and events.”

Mercedes F1 suspended its $27 million FTX partnership agreement in mid-November. Other teams that dropped deals with crypto firms include Alfa Romeo, which dropped its deal with Vauld, and Ferrari, ending its deal with Vales, a Swiss blockchain organization, early this year.

While there was a massive uptick in crypto activity during the rise of the pandemic, with certain crypto like Dogecoin and Shiba Inu reaching heights that were unheard of, not everyone was a fan of the digital cryptocurrency.

One of the voices that really spoke out against it was Charlie Munger. In February, Munger said that it was "ridiculous" that people were buying crypto and called it "massively stupid."

More recently, Sam Bankman-Fried received yet another charge; this time, it was for bribery. He was accused of bribing a Chinese government official with a $40 million payment.

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James Bower