Why crypto exchange OKX is choosing an F1 sponsorship over a traditional media mix

Marketing executives at cryptocurrency exchange OKX believe they can travel in the slipstream of a resurgent Formula One and put space between their brand and the crypto sector’s dented public reputation.

Prior to this weekend’s Monaco Grand Prix racing event, OKX revealed its latest bid to emphasize its association with F1 team McLaren — a one-off tribute to the late, legendary wheelman Ayrton Senna that saw the team’s cars and drivers decked out in the colors of his native Brazil.

According to OKX’s chief marketing officer Haider Rafique, consumer perceptions of the crypto sector are turning a corner. And in the wake of Netflix’s docuseries “Drive To Survive,” er, driving new viewers toward the sport, he said he views its sponsorship of McLaren as key to getting OKX, the world’s second-largest crypto exchange by trading volume, into the winner’s circle.

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