Ferrari loses blockchain partner, adds two new sponsors

Ferrari hasn’t renewed the sponsorship deal with blockchain giant Velas, with the company’s name disappearing from the Scuderia’s webpage this Thursday. The uncertainties surrounding the bitcoin market started with a bang two months ago, with the collapse of FTX and while Mercedes was the only Formula One team directly affected by that collapse – as FTX was one of its sponsors – the rest of the field quickly realized the crisis on the bitcoin market was going to hit them all. Two months later the situation as changed, with Velas also feeling the impact of the crisis, so it’s not surprising the deal between the blockchain and Ferrari was not renewed, hitting the Scuderia’s finances in the same way the loss of FTX hit Mercedes.

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