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Ferrari Terminates Its Deal with Its Crypto Sponsor Velas Blockchain As A Dark Cloud Hovers Over The Industry

Scuderia Ferrari, the racing arm of luxury automobile brand Ferrari, has decided to terminate its contract with Velas, with insiders claiming that multiple contract breaches and fears of bankruptcy fuelled the premature ending.

Ferrari revealed its official list of sponsors ahead of the new season, but Velas was conspicuously absent from the exclusive bunch. Only last year, Velas Blockchain was unveiled as a blockchain partner in a multi-year deal worth over $30 million.

A core focus of the partnership between both entities was the creation of Non-Fungible Tokens (NFTs) for fans. Insiders claim that Ferrari breached several clauses related to digital collectibles amid claims that Velas was tethering on the brink of bankruptcy.

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