Ferrari Ends Blockchain Pact with Swiss Firm Velas as Deals Sour
- In 2021 tie-up Velas was to provide digital content for fans
- Similar crypto team-ups at Inter Milan, Chelsea also folded
Ferrari' at the Yas Marina Circuit in Abu Dhabi.
Photographer: Ben Stansall/AFP/Getty Images
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Ferrari NV’s Formula One Team has ended its partnership with blockchain technology company Velas Network AG, as deals between sports companies and firms in the beleaguered cryptocurrency sector continue to crumble.
“Unfortunately, the agreement with Velas has been terminated early by us,” Ferrari said in a statement to Bloomberg News. The company didn’t provide additional detail, saying it doesn’t comment on matters that concern a dispute, litigation, or both.