Scuderia Ferrari has removed Velas from its list of partners, marking yet another unfavorable development for the cryptocurrency, which continues to gain ground in F 1.
The Italian team announced its agreement with Velas at the end of 2021, a period when F1 teams were eager to sign partnerships with crypto firms.
In the past twelve months, the landscape has shifted considerably, with cryptocurrency and blockchain losing value at an alarming rate.
The official cryptocurrency partner of Mercedes, FTX, has filed for bankruptcy in late 2022, demonstrating the volatility and fragility of cryptocurrency sponsors in Formula 1.
The majority of F1 teams have crypto agreements or sponsorships last year. Despite the fact that this is still the case, the trend is progressing in an incoherent way.