Italian Formula One team Ferrari have announced that they have ended their partnership with Swiss blockchain technology firm Velas. The two had partnered on a multi-year deal back in December 2021.
A spokesperson for the team stated that both parties mutually agreed not to extend their partnership. The agreement between the two put the Velas branding present on the rear wing of the Ferrari race cars. The Swiss firm was also the title sponsor of Ferrari in the F1 Esports Series.
Ferrari told Reuters:
“Unfortunately, the agreement with Velas has been terminated early by us. We do not comment on matters that are the subject of a dispute and/or litigation.“
Recently, Ferrari have also ended their partnership with chip manufacturer Snapdragon, and it is reported that Velas and Snapdragon no longer being part of Ferrari’s sponsorship portfolio will result in a cumulative loss of US$55 million for the Italian F1 outfit.
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