Legendary Formula One team Ferrari drops Velas and Snapdragon out of their title sponsorship and decals ahead of the 2023 season. This brings an end to a partnership that just began a year ago.
Ferrari finished second in the world championship 205 points behind Red Bull. Their hopes of a world championship driver went in vain due to poor decisions and lack of pace in the 2022 season.
There are changes internally in the team with Frédéric Vasseur as the new team principal starting the 2023 season. Changes continue on the sponsorship side of the Italian team.
Ferrari’s One-Year of partnership with blockchain company Velas
Ferrari signed up with Velas right after the 2021 season concluded. Velas is a blockchain company catering to the field of cryptocurrency. Moreover, just three years of their establishment, they are one of the fastest blockchain companies in Switzerland currently.
Both companies tied up together in order to promote cryptocurrency to fans as a medium of exchange. Velas also became the title sponsor of Ferrari’s eSports team.
The cryptocurrency wave in Formula One is coming to an end. Ferrari is the latest F1 team after Mercedes to do something like that. The German team had its cryptocurrency sponsor FTX before it filed for bankruptcy.
#SponsorWatch: Velas and Snapdragon have been removed from @ScuderiaFerrari‘s list of partners.
Ferrari announced a long-term partnership with Velas at the end of 2021 – and a strategic partnership with Snapdragon at the start of 2022.#F1 #essereFerrari pic.twitter.com/JbQAkwC34o
— Decalspotters (@decalspotters) January 2, 2023
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Qualcomm is another company that parted ways with Ferrari
Qualcomm is one of the biggest telecom manufacturers in the world. It is in the part of Fortune 500 companies with multiple products and services under their belt.
Ferrari signed up with Qualcomm technologies as their premium partner for digital technologies. They were working with the Italian team on the data and analysis side of their digital cockpit.
However, it now looks like this partnership has come to an end as well as the sponsors are nowhere in the decals anymore. Part of new sponsors that can help the team win a world championship in the future potentially.
Velas and Qualcomm now absent from Ferrari partner page https://t.co/g4fgLXkjn5 pic.twitter.com/tjkguwuF2x
— Dacre (@jpa_f1) January 2, 2023
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