Ferrari cuts ties with crypto sponsor before 2023 System One season

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Scuderia Ferrari (NYSE:RACE), the racing division of luxurious carmaker Ferrari, has joined the increasing listing of System One racing teams to total partnerships with their cryptocurrency sponsors. Ferrari exited its multi-year partnership offers with Velas Blockchain and chip manufacturing huge Snapdragon, main to a cumulative $55 million loss for the Italian crew before the 2023 season.

The Ferrari-Velas partnership from 2021 — draw at $30 million a year — became as soon as aimed in the direction of increasing fan engagement through nonfungible tokens (NFTs) and a host of shared initiatives. However, the crew became as soon as noncompliant with clauses that accredited Velas to fabricate NFT shots, in accordance to RacingNews365.

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