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

And as brand ambassadors for crypto exchange OKX, that no doubt was at the forefront of their minds when FTX collapsed and markets crashed– simple months after they signed on.The risks then became all too evident in the acres of unfavorable promotion and suits over comic Larry David and NFL quarterback Tom Bradys endorsement deals with FTX. Trust in crypto wavered after FTX blow-upOKXs strategy to end up being the “very first crypto lifestyle brand name” was driven by Chief Marketing Officer Haider Rafique. “The thing that was most likely blowback for them was the message and it was badly timed: Fortune favours the brave and then the brave crashed,” stated Rafique.Related: OKX crypto exchange goes into last preparation phase of Hong Kong VASP license applicationAs a mate of Ricciardos, four-time Olympian Scott James currently had an individual connection when he signed on with OKX and was already interested in NFTs. “But to state 12 months earlier, I would state the very same thing?” James stated that snowboarding was a way of life choice that appeals to a “young group” and crypto is too due to its decentralization.

” We definitely get those calls,” Rafique said, “from McLaren or Man City. Hey, is whatever all right over there? Like the market looks a little unstable? And we have to comprehend and put ourselves in their shoes and respond appropriately.” He says the exchanges month-to-month evidence of reserves reports are a big consider getting trust. Even after getting his old team on board (Ricciardo now drives for AlphaTauri) Rafique still required to gain the F1 drivers trust. “It wasnt a transactional relationship, it was an individual relationship,” he said. Ricciardo described it worked as Rafique did “an actually great task to bring us in on personal level to inform us and notify us.”” I wondered and wished to discover– I had a lot of convenience sharing them. Ive seen enough now to understand that this is good for me and its safe for me to type of get involved in this.” As Damons ill-fated Crypto.com offer shows, due diligence can only take you so far. The exchange wasnt accused of anything and didnt collapse however Damons track record took a hit as markets crashed. “The thing that was probably blowback for them was the message and it was improperly timed: Fortune favours the brave and after that the brave crashed,” said Rafique.Related: OKX crypto exchange enters last preparation stage of Hong Kong VASP license applicationAs a mate of Ricciardos, four-time Olympian Scott James already had a personal connection when he signed up with OKX and was currently interested in NFTs. However it still would have been a shock when FTX collapsed a month later. Fans line up to get photos with Daniel Ricciardo and Scotty James at Token2049 ” Until you understand something 100% at its full capacity, naturally youre going to have appointments,” he stated, but added that the platforms attempts to streamline and inform about crypto and trading put him at ease. ” I constructed trust with time with doing that and we feel pretty good about it,” he said. “But to say 12 months back, I would say the exact same thing? No.” James stated that snowboarding was a way of life choice that attract a “young group” and crypto is too due to its decentralization.” I think my generation and more youthful than me are the ones that are really going to alter that story for investing whether its in cryptocurrency or other investments progressing.” While the set joked about releasing NFTs throughout their onstage appearance at Token2049, thats not going to happen till markets recover, stated Rafique.” For their NFTs its certainly not going to have to do with a speculative asset. Its going to be baked into how we can bring their fans closer to them through this asset that they can own. I dont think its going to take place anytime soon.” Magazine: NFT collapse and monster egos feature in brand-new Murakami exhibition

And as brand name 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 ended up being all too apparent in the acres of negative promotion and suits over comedian Larry David and NFL quarterback Tom Bradys recommendation deals with FTX.” But you kind of likewise find out when to state no, thats not best for me,” he informed Cointelegraph at Token2049, nursing a fractured hand that has taken him out of Sundays Singapore Grand Prix.Ricciardo is one of the most popular F1 drivers in the world and has a team that guarantees he does not get into hot water. Trust in crypto fluctuated after FTX blow-upOKXs method to become the “very first crypto lifestyle brand name” was driven by Chief Marketing Officer Haider Rafique.

Other Questions People Ask

How did OKX convince F1 star Daniel Ricciardo it’s safe to promote crypto after the FTX collapse?

OKX focused on building a personal relationship with Daniel Ricciardo, emphasizing transparency and education about crypto. Chief Marketing Officer Haider Rafique engaged Ricciardo on a personal level, ensuring he felt comfortable and informed about the risks and benefits of promoting crypto. This approach helped Ricciardo gain trust in the platform, allowing him to feel secure in his endorsement despite the surrounding market volatility.

What strategies did OKX use to reassure Daniel Ricciardo about promoting crypto?

To reassure Daniel Ricciardo, OKX implemented a strategy centered around transparency and regular communication. They provided monthly proof of reserves reports, which were crucial in establishing trust during a time when the crypto market was facing significant challenges. By fostering an open dialogue and addressing Ricciardo's concerns directly, OKX was able to convince him of the safety and potential of their platform.

Why was trust important for Daniel Ricciardo in promoting crypto with OKX?

Trust was essential for Daniel Ricciardo because the crypto landscape had been shaken by the FTX collapse, leading to widespread skepticism. As a high-profile athlete, Ricciardo needed to ensure that his endorsements aligned with his values and reputation. OKX's commitment to transparency and education helped him feel confident that promoting their platform was a safe choice, allowing him to engage with the crypto community authentically.

What role did personal relationships play in OKX convincing Daniel Ricciardo to promote crypto?

Personal relationships played a significant role in OKX's strategy to convince Daniel Ricciardo to promote crypto. Rafique's ability to connect with Ricciardo on a personal level allowed for open discussions about the risks and benefits of crypto. This relationship-building approach helped alleviate Ricciardo's concerns and fostered a sense of comfort, making him more willing to endorse the platform despite market uncertainties.

How did Daniel Ricciardo's background influence his decision to promote crypto with OKX?

Daniel Ricciardo's background as a popular F1 driver and his connections within the sports community influenced his decision to promote crypto with OKX. His friendship with Olympian Scott James, who was already interested in NFTs, provided an additional layer of comfort and credibility. This connection, combined with OKX's efforts to educate and inform him about the crypto space, ultimately led Ricciardo to feel confident in his endorsement.