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Ferrari suffer serious blow ahead of 2023 season
Formula 1's relationship with various crypto platforms is rapidly ending, with Ferrari having become the latest team to drop their partnership with their cryptocurrency sponsor. The Italians ended their multi-year deals with Velas blockchain and Snapdragon early, a move which will see the Maranello-based outfit lose $55 million as a result. The cryptocurrency market has been thrown into turmoil following FTX filing for bankruptcy and the arrest of CEO Sam Bankman-Fried, with the future of crypto-based sports sponsorships being put into the spotlight. Ferrari entered their deal with Velas in 2021 with the aim of creating unique fan experiences and NFTs; however, according to...
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1y ago from Formula1News.co.uk
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