Ferrari cuts ties with crypto sponsor ahead of 2023 Formula One season By Cointelegraph

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Scuderia Ferrari (NYSE:), the racing division of luxury carmaker Ferrari, joined the growing list of Formula One racing teams to end partnerships with their cryptocurrency sponsors. Ferrari exited its multi-year partnership deals with Velas Blockchain and chip manufacturing giant Snapdragon, resulting in a cumulative $55 million loss for the Italian team ahead of the 2023 season.

The Ferrari-Velas partnership from 2021 — set at $30 million a year — was aimed at increasing fan engagement through nonfungible tokens (NFTs) and other shared initiatives. However, the team was noncompliant with the clauses that permit Velas to create NFT images, according to RacingNews365.

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