While the decline in the crypto industry continues, it has signed major sponsorship deals in many areas. FTX The bankruptcy of the stock market has significantly disrupted the relationship between the sports industry and crypto.
Especially in recent days, some F1 teams’ giving up their crypto sponsors has resonated on social media.
It turned out that Scuderia Ferrari, one of the most established teams in Formula 1 history, suspended its sponsorship agreement with Velas, one of the new generation blockchain projects, before the expiry date. According to the post published on the website ScuderiaFans, Ferrari recently Velas and removed chipmaker Snapdragon from among its main sponsors.
Ferrari had announced Velas as one of its main sponsors in 2021 to advance in the NFT field. The Velas logo, team car and drivers Carlos Sainz were featured on Charles Leclerc’s helmets. The cost of the multi-year deal was announced as $30 million. The Formula 1 team was deprived of this income with the termination of the contract.
Last November, the deal was quickly terminated with the bankruptcy of FTX, one of Mercedes’ main sponsors.
Crypto Companies Are Widespread In F1
Especially crypto exchanges and altcoin projects have shown great interest in Formula 1, the most watched racing sport in the world. According to October 2022 data, 16 of the 20 teams competing in the organization had crypto sponsorship agreements.
Another crypto exchange Crypto.com has signed a $100 million sponsorship deal with the parent organization.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!