Kraken, a popular cryptocurrency exchange, is making waves in the racing world by featuring the
opening excerpt of the bitcoin whitepaper on the nose cone of a Formula 1 car.
The move is part of the exchange’s partnership with Williams Racing, which was announced earlier this week. Kraken is the team’s first-ever official crypto and web3 partner, and it hopes to raise the profile of the
crypto ecosystem by featuring the iconic document on a sport that draws 1.6 billion viewers over a race schedule that takes it through 20 countries a year.
Kraken CMO Mayur Gupta said that featuring the bitcoin whitepaper on the Williams car is a symbol of the company’s belief and commitment to crypto’s mission.
It is an opportunity to showcase the original document that brought the entire movement to life through a sport that is watched and loved by hundreds of millions of fans worldwide.
The move is sure to excite both racing and crypto enthusiasts, as it combines two seemingly different worlds in a unique and innovative way.
Kraken’s crypto compliance efforts in Canada
In other news, Kraken has filed a preregistration undertaking with the Ontario Securities Commission in Canada to seek restricted dealer status.
The move is part of the exchange’s efforts to comply with the new guidance for crypto asset trading platforms that was implemented by the Canadian Securities Administrators (CSA) on Feb. 22.
The CSA’s new guidance requires crypto trading platforms to observe new investor protections, including new custody standards, restrictions on the use of leverage, and a ban on trading stablecoins without prior written consent from the CSA.
Kraken has been operating in Canada as a money services business for over a decade, and the exchange’s managing director for Canada, Mark Greenberg, said that the company remains committed to the country.
Restricted dealer registration is a special kind of dealing registration used for firms that do not quite fit under any other category, and regulators tailor requirements for firms with this status individually.
The move comes just a few weeks after cryptocurrency exchange OKX announced that it would stop providing service to Canadian customers within three months due to “new regulations.”
The CSA is the umbrella organization for Canada’s 13 regional securities regulators, and registration by one CSA member provides a “passport” for firms doing business in other provinces or territories.
Kraken’s impressive marketing strategy
Kraken’s recent compliance efforts show the exchange’s commitment to following the rules and regulations of the countries it operates in, which is crucial for building trust and credibility in the crypto industry.
Kraken’s partnership with Williams Racing and the featuring of the bitcoin whitepaper on a Formula 1 car are examples of the exchange’s unique marketing strategy.
By combining two seemingly different worlds, Kraken is able to attract attention and raise awareness for the crypto ecosystem in a creative and innovative way.
The move is sure to capture the attention of both racing and crypto enthusiasts, and it shows Kraken’s commitment to promoting the adoption of cryptocurrencies worldwide.
As the crypto industry continues to evolve and grow, it will be interesting to see what other creative marketing strategies Kraken and other exchanges come up with to capture the attention of mainstream audiences.
