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Ferrari Ends Partnership With Crypto Sponsor

Ferrari Ends Partnership With Crypto Sponsor

The unexpected cutting of ties marks yet another F1 team saying goodbye to crypto-related ventures.

Velas Blockchain, a partner of the elite racing team since 2021, can no longer be found on the official Scuderia Ferrari team’s sponsor list. The cancellation of this sponsorship deal (as well as with Snapdragon, a chip manufacturer giant) bears an expensive cost for the Italian racing squad which will result in a $55 million loss.

Velas presents itself as ‘currently the fastest blockchain with Ethereum VM compatibility’. The partnership was supposed to generate $30 million a year by providing fans incentives to engage in Web3 ventures, such as by acquiring exclusive non-fungible tokens (NFTs), and similar.

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Such news from an elite F1 team makes it clear that there’s a tendency in the Formula 1 industry for teams to distance themselves from crypto-related business initiatives and connections.

Other teams that have made similar decisions are AlphaTauri F1 team which ended their Fantom and ICM.com partnerships. The Mercedes Benz F1 team is also on this list, since they’ve terminated their contract with now-collapsed crypto exchange FTX. 

Nevertheless, this trend is not a one-way street. Other teams, such as McLaren Racing used crypto-inspired designs during 2022 Singapore Grand Prix and 2022 Japanese Grand Prix races.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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