Ferrari becomes the latest Formula One team to lose a cryptocurrency sponsor as Switzerland-based Velas has exited – Ferrari is joining Mercedes, who lost FTX as a sponsor in late 2022. Ferrari also lost San Diego-based semiconductor mobile device chipmaker, Qualcomm Snapdragon.
The loss of Velas is reported to be related to Ferrari giving Velas permissions to produce NFT images while Qualcomm Snapdragon is related to financial matters [although Qualcomm Snapdragon may be taking their business to Mercedes].
The total sponsorship loss to Ferrari for the pair of companies is reported to be near $55 million.