Formula 1 team Williams Racing signed U.S. crypto exchange Kraken as a sponsor after losing one of its most prominent drivers, Nicholas Latifi, who reportedly brought in a large amount of sponsorship fees.

Kraken’s logo will be displayed on the team’s race cars and there will also be a non-fungible token (NFT) experience, the companies said Tuesday

The partnership comes as U.S.-based crypto exchanges face not just ongoing scrutiny from traders, but also accelerating regulatory actions after the collapse of FTX and three banks that had links to the industry.

(By Helene Braun)