Digital asset trading platform OKX has announced the expansion of its partnership with the McLaren Racing Formula 1 team, stating that its branding will be featured significantly on the team’s cars in the 2024 F1 season.
As per a press release shared by OKX, the logo of the crypto exchange will be featured on the cars of the McLaren F1 team for 20 of the 24 races this season. Some additional branding placements will also be on the cars.
OKX and McLaren Expand Marketing Deal
The primary livery for 2024 takes inspiration from the OKX-McLaren “Stealth Mode” design from the Singapore and Japan Grand Prix races in 2023.
“We love the spirit that McLaren is taking into the 2024 season and we are excited to see that elements from our co-designed livery from Singapore have been integrated in this year’s design. It feels like this will be a special year for McLaren and an epic one for our partnership as well,” said OKX’s marketing chief, Haider Rafique.
Bringing Web3 and Sports Together
According to the release, the expanded partnership aims to bring the “dynamic words” of Web3 and racing sports together, setting an example for the digital asset sector.
“I look forward to building on that success through this expanded relationship, and to keeping the innovative and forward-thinking OKX brand front and centre in the fast-paced world of Formula 1,” McLaren Racing CEO Zak Brown said.
Upgrades to our @McLarenF1 2024 branding
As the only crypto company to co-design F1 liveries with a team, we are excited to confirm our branding update this year taking the official sidepod position on this year's car.
The side pod branding remains the most visible spot on… pic.twitter.com/MxIwEesg06
— Haider (@Haider) January 17, 2024
OKX Enters Dubai
As earlier reported by TheCoinRise, OKX announced the expansion of its services in Dubai, adding that it has secured a Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) of Dubai.
Surge in Market Share
Further, the crypto exchange also witnessed a surge in its market share along with Bybit as the market dominance of Binance, the world’s largest crypto trading platform, fell significantly.
In a statement from 2022, Mercedes-AMG Petronas F1 Team CEO Toto Wolff claimed that following the collapse of FTX, marketing deals between F1 teams and crypto exchanges will take a hit.