• Turbulence on the crypto market could be a reason for ending the cooperation
• In addition to Ferrari, other Formula 1 teams are also ending cooperation with crypto companies
• Velas develops efficient blockchain
Cooperation terminated prematurely
Italian automaker Ferrari is ending its collaboration with blockchain startup Velas, according to Bloomberg, among others. The partnership between the traditional Formula 1 team Ferrari and Velas was announced as a long-term project in 2021, but has now ended after just one season. An official statement from the companies was not available at the time of going to press and one can only speculate about possible reasons for the termination of the cooperation. A connection with the recent turbulence on the crypto market cannot be ruled out. The end of the cooperation means that Ferrari will lose $30 million in revenue for the 2023 Formula 1 season, Blockchainwelt reports. In addition, Ferrari also has to forego sponsorship money of 25 million US dollars, as the cooperation with the technology partner Snapdragon, a subsidiary of QUALCOMM, has also ended.
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Crypto companies withdraw from Formula 1
While the majority of Formula 1 teams had a sponsorship deal with companies from the crypto industry in the 2022 season, the collaboration between Ferrari and Velas is not the only collaboration that has ended. For example, Mercedes decided to suspend the sponsorship deal with the crypto exchange FTX after it began to falter, and Red Bull Racing also ended its cooperation with Tezos.
Velas Blockchain is based on artificial intelligence
The company name Velas is an acronym and stands for “Virtual Expanding Learning Autonomous System”. The utility token Velas Coin VLX is required to operate the network. The Velas Blockchain, which was launched in 2019, is based on an innovative algorithm controlled by artificial intelligence. The blockchain is characterized by high efficiency and offers a new kind of fault tolerance system, which should prevent big problems like the “nothing-to-stake” problem, reports Blockchainmoney.
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