Ferrari Ends Blockchain Pact with Swiss Firm Velas as Deals Sour

Ferrari NV’s Formula One Team has ended its partnership with blockchain technology company Velas Network AG, as deals between sports companies and firms in the beleaguered cryptocurrency sector continue to crumble.

“Unfortunately, the agreement with Velas has been terminated early by us,” Ferrari said in a statement to Bloomberg News. The company didn’t provide additional detail, saying it doesn’t comment on matters that concern a dispute, litigation, or both.

Velas did not immediately respond to a request for comment.

The Italian luxury-car manufacturer unveiled a multi-year agreement with Switzerland-based Velas in 2021 through which the technology company would ...