Ferrari cuts ties with crypto sponsor ahead of 2023 System One season

© Reuters.
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Scuderia Ferrari (NYSE:RACE), the racing division of luxurious carmaker Ferrari, joined the increasing checklist of System One racing teams to quit partnerships with their cryptocurrency sponsors. Ferrari exited its multi-year partnership affords with Velas Blockchain and chip manufacturing extensive Snapdragon, ensuing in a cumulative $55 million loss for the Italian personnel ahead of the 2023 season.

The Ferrari-Velas partnership from 2021 — characteristic at $30 million a year — became as soon as geared in direction of increasing fan engagement thru nonfungible tokens (NFTs) and various shared initiatives. On the change hand, the personnel became as soon as noncompliant with the clauses that let Velas to keep NFT photography, in accordance to RacingNews365.

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