Kraken sponsors F1 car with Bitcoin whitepaper

Kraken sponsors F1 car with Bitcoin whitepaper


CoinDesk Consensus

Crypto exchange Kraken has sponsored a Formula 1 (F1) sports car featuring a section of the Bitcoin whitepaper, as revealed on Twitter on March 31.

Kraken logo is actually BTC whitepaper

The Kraken logo, featured on a car belonging to Formula 1 team Williams Racing, is in fact made up of several lines of text from the Bitcoin whitepaper:

The partnership, which includes a broader branding relationship between Kraken and Williams Racing, was announced on March 28 by both companies.

Kraken branding can also be seen on the car’s halo and rear wing and on driver outfits and team caps, according to the announcement.

Furthermore, the rear wing of the car will display non-fungible tokens (NFTs) or digital collectibles from Kraken’s marketplace, Kraken NFT. The company opened that marketplace to the public in December 2022 after introducing a waitlist in May of that year.

James Bower, Commercial Director at Williams Racing, said the partnership will additionally provide “cutting-edge crypto and Web3 experiences” to fans while helping Kraken form relationships with new corporate and institutional clients.

Other statements suggest that the partnership will include pop-up fan experiences, merchandise giveaway contests, and other events.

Other Formula 1 crypto partnerships

Sports partnerships are fairly common in the crypto industry, and various Formula 1 teams have specifically formed relationships with blockchain firms. entered a partnership with Aston Martin Cognizant Formula One in March 2021. Later, it became a crypto sponsor for Formula 1 in its entirety. That partnership saw handle NFTs for the racing group and work toward carbon neutrality goals.

Elsewhere, ByBit sponsored Red Bull’s Formula 1 team in 2022. Tezos incidentally ended a Red Bull sponsorship deal in December 2022 but remains involved in a partnership with McLaren Racing and related entities that dates back to 2021.

Dogecoin co-creator Billy Markus also expressed interest in having the Dogecoin community sponsor the Haas F1 team in 2022, though this did not occur.

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Ripple CEO Slams SEC Chair Gensler for Dictating Which Crypto Tokens Are Securities

Ripple CEO Slams SEC Chair Gensler for Dictating Which Crypto Tokens Are Securities

Ripple CEO Brad Garlinghouse has slammed Securities and Exchange Commission (SEC) Chairman Gary Gensler for claiming that he has the authority to determine which crypto tokens are securities, rather than relying on the legislation that governs his agency’s power. “It’s time for elected officials in the U.S. to take notice,” the Ripple executive stressed.

Ripple’s CEO Slams SEC Chair Gensler Over What’s a Security

The CEO of Ripple Labs, Brad Garlinghouse, has criticized the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for dictating which crypto tokens are securities. Garlinghouse tweeted Thursday:

For the Chair of the SEC to assert that he dictates what is a security — and not the legislation from which his agency derives its power — is beyond comprehension. It’s time for elected officials in the U.S. to take notice.

“When you behave like an autocrat running a $2.2B bloated agency, why would you ever want to provide clarity about what’s ‘in or out’? Without clear jurisdiction, ambiguity masquerades as power,” Garlinghouse cautioned.

The Ripple executive made this statement in reaction to Gensler’s claim that the current securities laws “cover most of the activity that’s happening in the crypto markets.” The SEC chief was quoted as saying: “If Congress were to act, though I don’t think we need these authorities, not to undermine inadvertently through definitions of what’s in or out, or in essence allowing for conflicts that we don’t allow.” Gensler warned:

I think many of the legislative vehicles would, if adopted, undermine the securities remit.

Since the SEC filed a lawsuit against Ripple, Garlinghouse, and co-founder Chris Larsen in December 2020, the company has been embroiled in a legal dispute with the securities regulator. The SEC claimed that XRP is a security, but Ripple and Garlinghouse have consistently argued that it is not.

On several occasions, Gensler has emphasized the importance of cryptocurrency exchanges and lending platforms coming in to discuss how to be compliant with the SEC. However, Garlinghouse has accused the securities watchdog of holding meetings with crypto companies primarily for the purpose of generating leads for its Enforcement Division. There have also been widespread complaints that the SEC does not provide clear regulatory guidelines, making it difficult for companies in the crypto space to ensure compliance.

Recently, the Nasdaq-listed crypto exchange Coinbase received a Wells notice from the SEC regarding potential violations of the securities law. The company noted in its response: “The SEC will not let crypto companies ‘come in and register’ — we tried.” Meanwhile, Gensler has repeatedly expressed the view that all crypto tokens, apart from bitcoin, are considered securities.

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Gary Gensler, is XRP a security, Ripple, Ripple Gary Gensler, ripple sec, SEC, sec chair gary gensler, what is a security, which crypto tokens are securities, XRP, XRP Gary Gensler, XRP is a security

What do you think about Gensler trying to dictate what is a security? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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ZeroSync and Blockstream to Broadcast Bitcoin Zero-Knowledge Proofs From Space

ZeroSync and Blockstream to Broadcast Bitcoin Zero-Knowledge Proofs From Space

“The security of Bitcoin requires every participant to verify every transaction,” ZeroSync co-founder Robin Linus told CoinDesk. “That didn’t scale well until now. Proof systems like STARKs have been invented. Applying them to generate a proof of Bitcoin’s chain state, and broadcasting it via satellite, can bring Bitcoin to almost everyone in the world. Don’t trust, verify.”

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Over 7,000 Players Successfully Converged in Yuga Labs' Otherside Metaverse 'Second Trip'

Over 7,000 Players Successfully Converged in Yuga Labs' Otherside Metaverse 'Second Trip'

Voyagers’ outfits transformed into their assigned team colors, and players began to assemble into groups. Moments later, a wormhole to the “swamp” opened, transporting players to their team area to complete tasks and earn points. The game involved several wacky directives, including gathering “magic blobs” to give to digital toads that shot flames from their mouths. All the while, voyagers could run, jump, fly and explore the multidimensional space.

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Kraken sponsors F1 car with Bitcoin whitepaper

Binance.US transitioning to new bank providers; briefly affecting deposits, withdrawals


CoinDesk Consensus

Binance.US said in a status update on March 31 that some deposit and withdrawal options will be temporarily unavailable as it transitions to new banking services.

Wire transfers, payment apps limited

Binance.US’ status page says that several transfer methods are unavailable including wire deposits and withdrawals, Apple Pay deposits, and Google Pay deposits. It also said that debit card deposits are not available to 5% of its customers.

The company attributed the change due to “recent developments in the banking industry” and said that it is moving to new banking service providers.

Those limitations exists alongside another issue: Binance.US also says that ACH deposits from Signature Bridge Bank are temporarily available. Though that issue was listed as resolved as of 16:43 UTC, it was listed as an issue again just minutes later.

Signature Bank has failed but has been acquired by Flagstar and there are still efforts to sell parts of the company. Binance.US’ future relationship with the bank is unclear.

The company’s status page indicates that various trading pairs featuring the firm’s Binance USD  (BUSD) stablecoin are temporarily unavailable as well.

How long will these issues last?

Binance.US previously said on March 29 that ACH withdrawals were disrupted last week and remained paused “out of an abundance of caution.”

Later, The Information reported that the issue specifically affected Signature Bank-related ACH transfers. The news site also reported Binance planned to resolve the issue within 24 hours of the March 29 report ― a deadline that has seemingly passed.

Binance.US’s latest update did not give specific deadlines for a resolution. On the Signature Bank ACH issue, it said that it is “working to restore services as quickly as possible.” On other issues, it said that services will be “impacted during the transition” over several weeks.

The news comes alongside recent charges against Binance from the Commodity and Future Trade Commission (CFTC). Though those charges largely concern Binance’s global arm, they could have an impact on the firm’s ability to operate in the United States.

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