Ferrari joins Red Bull and Mercedes as they become the latest F1 team to severe ties with their crypto sponsor
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As the world stepped into the second decade of the 21st century in 2020, several massive changes caught the eye of the common people–and one of the most mentionable of them is ‘Crypto Trading’. In today’s world, there are very few tech-savvy people who have not heard of cryptocurrency as it is said that “crypto is the currency of the future”. While there is no physical manifestation of cryptocurrency, the exchange of crypto coins occurs virtually, on the web, and many people have earned quite a lot by earning in crypto.
With the changes in the world, Formula 1 has also been witness to a paradigm shift as its ownership changed hands from Bernie Ecclestone to the Liberty Media. Now, F1 has acquired international fame with fans located in every corner of the world, and the teams participating in the races have attracted sponsorship deals from several companies as well. Crypto sponsorship made a big splash in the Formula 1 news as almost all the teams came to acquire crypto sponsors by 2022, except Haas and Williams. In fact, McLaren got two crypto companies to sponsor them–OKX and Tezos.
But in the latter part of 2022, the cryptocurrency market suffered a massive crash because of the crypto company FTX. At that time, Mercedes became the first F1 team to severe ties with their crypto sponsor, and they were followed by Red Bull. Now that the F1 world is going to enter a new season, Ferrari have followed Red Bull and Mercedes’ suit by terminating their association with Velas, a crypto trading company from Switzerland.
Ferrari will not feature the Velas logo on their stable’s bolides in 2023
The Italian outfit Ferrari is the oldest and most successful team in Formula 1 history, and they are also one of the richest teams with a huge budget that they spend on their technological developments each year. These funds come from the many sponsorship deals that the team from Maranello has got with its investors. But in the upcoming season, the Tifosis will not find the logo of Velas, a crypto company, on the Ferrari racecar’s bolides.
Ferrari ended their Championship campaign in 2022 in a giant disappointment as they could not get the top place in the Constructors’ Standings despite being the initial favorites for the position. The Italian team came second to Red Bull, as they failed to keep up their performance to surpass the Austrian team. But in the upcoming season, Ferrari must bring some good results to restore the faith of the Tifosis.
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Riddhi Mondal
(1821 Articles Published)