Ferrari ends partnership with crypto sponsor of Formula 1 team – Cryptonium News

Ferrari ends partnership with crypto sponsor of Formula 1 team

The Ferrari-Verus partnership, which ended in 2021, hoped to pay $30 million a year and win new fans with the help of the NFT.

Scuderia Ferrari, the Italian supercar group’s racing team, joins the list of Formula 1 teams that have ended their collaboration with virtual currency sponsors. Ferrari has ended its collaboration with Velas Blockchain and chipmaker Snapdragon. As a result, the company is 55. million before the start of the 2023 season.

The agreement signed by Ferrari and Velas in 2021 wanted to pay $30 million per year. The main task was to recruit new fans, especially through non-exchangeable tokens. However, according to RacingNews365, the company ignored regulations allowing Velas to produce similar NFTs.

In November 2022, the Mercedes team temporarily suspended its partnership with the FTX exchange, resulting in a loss of $15 million after the exchange filed for bankruptcy; the same fate befell the Red Bull Racing team and its partner, the Tezos Foundation. The blockchain company is also facing a number of challenges. The blockchain company was the instigator, citing that the deal was inconsistent with its strategy. All totals cannot be read. Repeat, repeat, repeat…