Formula One Team Ferrari Drops Crypto Sponsor
Scuderia Ferrari, the racing division of the luxury carmaker Ferrari, has joined the growing list of Formula One racing teams that have ended their partnerships with cryptocurrency sponsors.
Ferrari terminated multi-year partnership agreements with Velas Blockchain and chip manufacturing behemoth Snapdragon, resulting in a $55 million loss for the Italian team ahead of the 2023 season.
The Ferrari-Velas partnership, set to begin in 2021 and cost $30 million per year, was designed to increase fan engagement through NFTs and other joint initiatives. However, the team violated the clauses that allow Velas to create NFT images.
(Reporting by Shikha Singh; Editing by Kapil Rajyaguru)
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