How OKX convinced F1 star Daniel Ricciardo it’s safe to promote crypto

Australian F1 driver Daniel Ricciardo said it took him a while to get comfortable with the idea of crypto, and that was before the collapse of FTX.

Australian F1 driver Daniel Ricciardo and his Olympic snowboarder mate Scotty James say they always think long and hard about the risks of promoting the wrong thing.

And as brand ambassadors for crypto exchange OKX, that no doubt was at the forefront of their minds when FTX collapsed and markets crashed — mere months after they signed on.

The risks then became all too apparent in the acres of negative publicity and lawsuits over comedian Larry David and NFL quarterback Tom Brady’s endorsement deals with FTX.

Even Hollywood nice guy Matt Damon faced blowback from everyone from South Park to Stephen Colbert as a result of his Superbowl commercial for Crypto.com, encouraging normies to buy crypto right before the market crash.

Daniel Ricciardo, Haider Rafique and Scotty James onstage at Token2049.

Crypto already had a pretty mixed reputation when Ricciardo signed up in May 2022, and he admits it took a while to get comfortable with the idea.

"I've been in the sport a long time where for sure, a lot of things get put in front of me, which is exciting.”

“But you kind of also learn when to say ‘no, that's not right for me,’" he told Cointelegraph at Token2049, nursing a fractured hand that has taken him out of Sunday’s Singapore Grand Prix.

Ricciardo is one of the most popular F1 drivers in the world and has a team that ensures he doesn't get into hot water. Minders struck out direct questions about FTX ahead of the chat, required approval for photos of the interview, and bustled him away after ten minutes for his next appearance.

Trust in crypto wavered after FTX blow-up

OKX’s strategy to become the “first crypto lifestyle brand” was driven by Chief Marketing Officer Haider Rafique. The cryptexchange signed multi-million dollar sponsorship deals with sports franchises like F1 team McLaren and United Kingdom Premier League team Manchester United.

The streets of Manchester have officially been futurised by OKX and @mancity fans

Explore Manchester and check ‘em out Arndale and 60 Shudehill

Better Future: Game On! #OKXManCity pic.twitter.com/Hae3Ug4n1f
— OKX (@okx) August 28, 2023

"We certainly get those calls," Rafique said, "from McLaren or Man City. ‘Hey, is everything all right over there? Like the industry looks a little shaky?’ And we have to understand and put ourselves in their shoes and respond accordingly." He says the exchange’s monthly proof of reserves reports are a big factor in gaining trust.

But even after getting his old team on board (Ricciardo now drives for AlphaTauri) Rafique still needed to gain the F1 driver's trust. “It wasn't a transactional relationship, it was a personal relationship,” he said.

Ricciardo explained it worked as Rafique did “a really good job to bring us in on personal level to educate us and inform us.”

“I was curious and wanted to learn — I had a lot of comfort going in with them. I've seen enough now to know that this is good for me and it's safe for me to kind of get involved in this."

Unfortunately, as Damon’s ill-fated Crypto.com deal shows, due diligence can only take you so far. The exchange wasn’t accused of anything and didn’t collapse but Damon’s reputation took a hit as markets crashed.

"The thing that was probably blowback for them was the message and it was poorly timed: ‘Fortune favours the brave’ and then the brave crashed," said Rafique.

As a mate of Ricciardo’s, four-time Olympian Scott James already had a personal connection when he signed on with OKX and was already interested in NFTs. But it still would have been a shock when FTX collapsed a month later.

*Fans line up to get pics with Daniel Ricciardo and Scotty James at Token2049*

"Until you understand something 100% at its full capacity, naturally you're going to have reservations," he said, but added that the platform's attempts to simplify and educate about crypto and trading put him at ease.

"I built trust over time with doing that and we feel pretty good about it,” he said. “But to say 12 months ago, I would say the same thing? No."

James said that snowboarding was a lifestyle choice that appeals to a "young demographic" and crypto is too due to its decentralization.

"I think my generation and younger than me are the ones that are really going to change that narrative for investing whether it's in cryptocurrency or other investments moving forward."

While the pair joked about releasing NFTs during their onstage appearance at Token2049, that’s not going to happen until markets recover, said Rafique.

"For their NFT's it's certainly not going to be about a speculative asset. It's going to be baked into how we can bring their fans closer to them through this asset that they can own. So I don't think it's going to happen anytime soon.”

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<div>F1's Daniel Ricciardo cruises into crypto at Token2049</div>

Coin Telegraph

Formula 1 driver Daniel Ricciardo cruises into crypto as OKX performs a first-ever livery takeover of McLaren’s racing cars ahead of the Singapore and Japanese Grand Prix.

McLaren's Australian driver Daniel Ricciardo sat down with Cointelegraph during the Token2049 conference in Singapore, discussing his recent involvement in crypto ahead of the 2022 Singapore Grand Prix.

Alongside OKX CMO Haider Rafique, the duo delved into a new partnership between McLaren Racing and the crypto exchange, exploring a variety of entertaining marketing moves between the two brands.

Ricciardo featured in a new OKX advert launched earlier this year standing alongside the McLaren MCL36 F1 racing car while his "spirit animal" honey badger sat in the cockpit of the vehicle. The tongue-in-cheek advert highlights the relatively unknown status of the cryptocurrency world, which continues to seek avenues to drive wider adoption of the space.

This was a fun one with @okx. I wanted to take home the honey badger pic.twitter.com/pToUqgiBgK
— Daniel Ricciardo (@danielricciardo) September 28, 2022

As the first point of order, Ricciardo admitted that he’d first explored the world of cryptocurrencies in 2021 and told Cointelegraph that friends had first piqued his curiosity.

“Last year I first got involved, I got my OKX wallet and it was really through a lot of curiosity. A lot of my friends were into it and then through the relationship with the team I got on board and I’m learning every day," he explained.

Formula 1 drivers are known for their propensity to push the boundaries in various aspects of their life and Ricciardo joked that his foray into crypto accelerated fairly quickly. The 33-year-old said he was trying to increase his knowledge of the space and saw the value of diversification that cryptocurrency markets offer.

“I was actually starting to get pretty involved to a point where a few people on my team were like ‘alright you spending a bit too much time on here.’ It’s great and I am certainly curious in terms of diversification and trying to understand more about the space.”

OKX meanwhile has explored creative marketing efforts through the multi-year partnership with McLaren, announcing a livery takeover for the next two stops on the F1 calendar. Bold, orange OKX branding is front and center for the Singapore and Japan Grand Prix races and Ricciardo believes the efforts will draw more fans into the world of cryptocurrencies.

Behold the MCL36 in #FutureMode.

To celebrate our partnership with @OKX we'll be racing at the #SingaporeGP and the #JapaneseGP in a bespoke livery.
— McLaren (@McLarenF1) September 27, 2022

Ricciardo said the new livery in Singapore and Japan is about "fan engagement" and bringing them on board.

"OKX is at the forefront, like we are with Formula 1, trying to innovate and be forward-thinking. It’s cool, I think this it’s the first time this has been done with a livery takeover," he said

*Cointelegraph's Gareth Jenkinson alongside F1 driver Daniel Ricciardo and OKX CMO Haider Rafique at Token2049 in Singapore.*

Rafique highlighted synergies between the cryptocurrency industry and Formula 1, with the "velocity of innovation" from the sport in parallel with the speed at which the blockchain and cryptocurrency ecosystem has continued to develop:

“Ultimately the fun that we are all having comes from being creative together. Just with this livery the two design teams worked really closely together and we’re just so excited we got to work with the McLaren F1 team, with Daniel and now we have this amazing design that we’re excited for the world to see.”

Formula 1 marks its return to the Singapore street circuit for the first time since 2019. The build-up to the race has coincided with the Token2049 conference, with the street circuit slowly being pieced together until full road closures took effect on Sept. 29.

Before Covid-19, Ricciardo had enjoyed success at the track and hopes to emulate his previous podium finishes in the city:

“It’s good to be back, 2019 was the last time and I’ve always loved street circuits and before it's all up you’re on the track trying to figure it all out because it does look different when it’s not all put together. I’m really happy to be back, I’ve had some podiums here in the past so let’s just say I am coming in hot.”

Formula 1 continues to attract marketing and advertising deals with the biggest firms in the world of cryptocurrencies. OKX was the latest cryptocurrency exchange and trading platform to pen a deal with a major team, signing up as the primary partner of McLaren in May 2022.

Daniel Ricciardo