Express

Ferrari Ends Parternships with Cryptocurrency Sponsors

Katie Lin

Summary: Scuderia Ferrari, the racing division of luxury car manufacturer Ferrari, has ended partnerships with Velas Blockchain and chip manufacturing giant Snapdragon, resulting in a total loss of $55 million for the team, according to reports by Cointelegraph. According to reports by RacingNews365, the Ferrari’s partnership with Velas ended as a result of Ferrari being noncompliant ...

Scuderia Ferrari, the racing division of luxury car manufacturer Ferrari, has ended partnerships with Velas Blockchain and chip manufacturing giant Snapdragon, resulting in a total loss of $55 million for the team, according to reports by Cointelegraph.

According to reports by RacingNews365, the Ferrari’s partnership with Velas ended as a result of Ferrari being noncompliant with Velas creating NFT images.

Ferrari joins a growing list of Formula One racing teams ending partnerships with their cryptocurrency sponsors. In November, Mercedes terminated a $15 million partnership with FTX after the crypto exchange filed for bankruptcy. Red Bull Racing’s partnership with the Tezos Foundation also ended after the blockchain platform declined to renew their contract.

Author: Katie Lin

  • GAEA Chat Singapore Concludes Successfully - A Recap of the Industry Thought Feast Duri... 4 days ago
  • U.S. SEC Clears Path for Institutional Crypto Custody, Recognizing State Trust Companie... 8 days ago
  • BTC Weekly Watch: Is the Rebound "Feast" Nearing Its End? 23 days ago
  • ​The Crypto Treasury Boom Meets Regulatory Chill: Is the DAT Frenzy Fading? September 9, 2025
  • Nasdaq Takes Aim at 'Crypto-Flipping' Companies with Stricter Rules September 5, 2025
  • You need to login to comment.