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