- Despite announcing a two-year partnership with blockchain firm Velas Network in December 2021, Ferrari has removed the firm from its list of sponsors.
- The commercial agreement signed in December 2021 marked a “multi-year” alliance, although the downward trend in digital assets forced the suspension of the agreement.
One of the most famous car brands is undoubtedly Ferrari. The Italian automaker is synonymous with luxury, power and money, and although its Formula 1 team has accumulated more than a decade without titles, it continues to be one of the most sought after when it comes to signing agreements and commercial deals and, of course, crypto firms. they are no exception.
In December 2021 Ferrari announced its two-year partnership with Velas Network however it all seems to be over.
As reported Sports IllustratedFerrari will not be accompanied by any crypto sponsors in 2023, so it is looking for a new sponsor for its rear wing. In that place, in full view of all, was Velas.
Velas, another victim of the crypto ecosystem
The exhibition in the F! It didn’t help the blockchain firm much during this bear market, seeing it lose its market capitalization month by month.
The Velas token (VLX) has a current value of 0.02 dollars, being the 300th most powerful in the entire ecosystem according to the ranking of Coin Market Cap. These times are far from what was experienced in November of last year when it had a peak of $0.572. Of that maximum it is -96.10%.
One of the attractions of Velas, which made Ferrari opt for them, was its collaborative blockchain concept with the environment. Although cryptocurrencies are related to the high use of electrical energy for mining, it runs without causing great damage.
F1-crypto relations end
F1 is one of the categories that moves the most money worldwide and cryptocurrencies found an ally to promote themselves. Almost all the teams found a digital asset company as an ally in 2022.
Another example is the case of Mercedes and the FTX exchange. The exchange led by Sam Bankman-Fried was one of the main sponsors of Mercedes, appearing both on the car and on the team’s merchandising. However, after stopping the funds of its users and declaring bankruptcy, FTX will no longer accompany Lewis Hamilton y Cía.
Red Bull, which is piloted by the Dutchman Max Verstappen and the Mexican Sergio “Checo” Pérez, has the support of Bybit and Tezos. The signing with the former was for $150 million for three years, the largest in all of history. Tezos also supports another historic team such as McLaren.
In addition, Alpine has an agreement with Binance, AlphaTauri with Fantom, Aston Martin is allied with Socios.com, the same as Alfa Romeo.
Even F1 itself signed an agreement with the Crypto.com exchange. This centralized exchange is one of the key backers with a multi-million dollar investment. He has billboards at all the circuits and even the Miami Grand Prix bore the name of the digital bank in his name.
Formula 1, along with the NBA and the UFC, were the great windows in which cryptocurrencies became known to the world. Today, with prices falling, it seems that the trend will change. Less and less money is invested in the crypto space and it is likely to continue to go down: it loses exposure as well.
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