Formula 1 is set to make waves in the cryptocurrency space this season, with the upcoming Miami Grand Prix showcasing a unique collaboration between two cryptocurrency firms. The event, officially titled the Crypto.com Miami Grand Prix, will feature a multi-year partnership between the renowned McLaren Racing team and the cryptocurrency exchange OKX. This groundbreaking partnership is reportedly valued in the “hundreds of millions,” marking a significant investment in the intersection of motorsport and digital currency.
As part of this collaboration, OKX branding will be prominently displayed on McLaren cars, as well as on the racing suits and helmets of drivers Lando Norris and Daniel Ricciardo. This initiative is part of OKX’s strategy to deliver more than mere brand visibility; the exchange aims to provide meaningful experiences for fans and users alike. Chief Marketing Officer Haider Rafique emphasized this vision, stating that the company seeks to invest in both its partners and fans to establish a strong foundation for long-term collaborations.
Rafique, who recently transitioned to OKX from another cryptocurrency exchange, Okcoin, has a background that spans significant roles in growth marketing at Blockchain.com and product marketing at Microsoft. Since his arrival, he has been instrumental in securing high-profile partnerships, including a multimillion-dollar deal with Manchester City. Now, he is focused on building a global marketing team to further elevate the presence of cryptocurrency in the mainstream market and lead international expansion efforts for OKX.
With over 20 million users spread across 180 markets, OKX stands as the second-largest exchange by trading volume, according to data provided by Blockworks. The partnership with McLaren not only enhances the company’s visibility but also positions it strategically in the competitive landscape of cryptocurrency sponsors in motorsport.
Meanwhile, Crypto.com made headlines in 2021 as the first cryptocurrency sponsor of Formula 1, sealing a reported $100 million deal. The company further solidified its presence by securing the title sponsorship of the Miami Grand Prix earlier this year. However, the collaboration with McLaren marks a first for OKX, as no other cryptocurrency firm has ever held such a prominent partnership with a Formula 1 team. In a similar vein, Bybit recently became a “top tier ally” of Red Bull’s F1 team, showcasing the growing trend of cryptocurrency brands getting involved in the high-octane world of Formula 1 racing.
McLaren Racing CEO Zak Brown expressed excitement over the new partnership, stating that OKX is not just a long-established crypto brand but also a beacon of innovation and analytics aimed at achieving remarkable milestones. He articulated that the Miami Grand Prix serves as an ideal platform to launch this significant collaboration, promising to enhance the overall fan experience.
As the Miami Grand Prix approaches, spectators can anticipate a captivating blend of motorsport and cryptocurrency, highlighting the emerging synergy between these two dynamic industries.
