Crypto Exchange OKX Inks F1 Mega Deal

Alliance with McLaren Racing includes branding at Crypto.com Miami Grand Prix, long-term collaborations in a deal worth hundreds of millions

article-image

Formula 1 driver Lando Norris | Source: OKX

share

key takeaways

  • OKX has more than 20 million users across 180 markets
  • Miami Grand Prix title sponsor Crypto.com became the first cryptocurrency sponsor of Formula 1 last year

The upcoming Formula 1 race in Miami — already carrying the name of a crypto company — will also have a team sponsored by a competing firm in the space.

Ahead of the Crypto.com Miami Grand Prix on May 8, exchange OKX has partnered with McLaren Racing in a multi-year deal worth “hundreds of millions,” a spokesperson told Blockworks.

OKX branding will appear on McLaren cars during the event, as well as on the suits and helmets of McLaren F1 drivers Lando Norris and Daniel Ricciardo. 

“We choose our partners on the basis we can provide fans and users with meaningful experiences; we aren’t simply interested in brand exposure,” OKX Chief Marketing Officer Haider Rafique told Blockworks in an email. “We want to invest in the fans as well as our partners and lay a strong foundation for long-term future collaborations.”

The deal comes shortly after Rafique joined OKX from competing exchange Okcoin. Before Okcoin, he was head of growth for Blockchain.com and was a head of product marketing at Microsoft. 

Rafique was a special adviser to the OKX executive team earlier this year and helped drive a multimillion-dollar partnership agreement with Manchester City. The company announced last month he will build a global marketing team to make crypto mainstream and lead the company’s international expansion efforts.

OKX is the second-largest exchange by trading volume, according to data compiled by Blockworks, and reports having more than 20 million users across 180 markets.

Crypto.com became the first cryptocurrency sponsor of Formula 1 in a reported $100 million deal, the company announced last June. It revealed in February that it would be the title sponsor of the Miami Grand Prix. 

Still, the deal is the first of its kind, an OKX spokesperson said, noting that no other crypto company has been the largest partner to a Formula 1 team before. Bybit in February became a “top tier ally” of Red Bull’s F1 team, behind title partner Oracle.   

“In a rapidly-evolving field, OKX is a long-established crypto brand that brings innovation, analytics and accuracy to accomplish great things,” McLaren Racing CEO Zak Brown said in a statement. “The first-ever Miami Grand Prix is the perfect occasion for us to launch this significant partnership, through which we will collaborate with OKX to take our fan experience to all new levels.”


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.

article-image

And a look into the newest name on the Trump ticket: Sen. JD Vance

article-image

Plus, Imran Khan’s intriguing experiment on the speeds of crypto onramps

article-image

The SEC has signaled a timeline to issuers that could lead to a July 23 launch for the ETH funds, people close to the process told Blockworks

article-image

PayPal has unequivocally made a name for itself as a crypto adopter among fintech giants

article-image

Also, a look into how the highly-debated SAB 121 could end up shaking out for crypto custodians

article-image

Vance, an Ohio Republican, is largely seen as crypto-friendly