Cryptocurrency exchange OKX is significantly expanding its sponsorship agreement with McLaren’s Formula 1 racing team. The company’s branding will now be featured on the prime advertising space located on the British racing squad’s car side pods for the upcoming season.
The deal extension comes after OKX signed on as a primary partner of McLaren last May. According to OKX chief marketing officer Haider Rafique, the results from the first year of the partnership have been impressive in terms of increasing brand awareness and recognition.
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
TV exposure has generated three billion impressions for OKX
Rafique stated that TV and online exposure from McLaren’s F1 involvement have generated over three billion impressions for OKX to date. The exchange has also benefited from on-site branding and fan activations that tap into the loyal McLaren fan base.
An OKX-sponsored event at last year’s Singapore Grand Prix drew over 7,000 attendees and led to 3,000 new OKX Web3 wallet sign-ups. The numbers suggest strong interest in digital assets from motorsport fans.
“This aligns perfectly with our mission to make the crypto economy accessible to everyone and to educate the public about the benefits and opportunities within this space,” said Rafique.
Sidepod Placements Offer Prime Visibility
The side pods, which flank the driver’s cockpit, offer some of the most visible and oft-seen real estate on Formula 1 cars. They provide prime exposure to an audience of millions per race.
Rafique views the partnership with McLaren as a long-term play measured in years and decades rather than months. He wants future generations to associate OKX and Web3 innovations with the rich history and tradition of Formula 1, represented by teams like McLaren.
The exchange branding will be featured on McLaren cars throughout 2024. Financial details of the expanded deal were not disclosed, nor were specific plans for 2024 and beyond.