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An Abrupt End to Ferrari NV- Velas Network Deal; Reports Bloomberg

Ferrari (NYSE:RACE) NV’s Formula One Team and blockchain company Velas Network AG ended its tiesThe multi-year agreement with Velas to create digital content for its...
An Abrupt End to Ferrari NV- Velas Network Deal; Reports Bloomberg © Reuters. An Abrupt End to Ferrari NV- Velas Network Deal; Reports Bloomberg
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  • Ferrari (NYSE:RACE) NV’s Formula One Team and blockchain company Velas Network AG ended its ties
  • The multi-year agreement with Velas to create digital content for its community ends with no explanation.
  • Amber Group and Chelsea football one among the many companies breached agreements.

The contract between Ferrari NV’s Formula One Team and the blockchain technology company Velas Network AG reportedly has come to an end, amidst the increasingly crumbling pacts between sports companies and cryptocurrency sectors.

Previously, in December 2021, the luxury sports car maker signed a multi-year agreement with Velas with the intention to create digital content for its community.

In the agreement, the company stated:

In addition, Velas will be the Title Sponsor of the Ferrari Esports Series, the online mono-brand series of the Prancing Horse, and of the Esports team that will compete in the F1 Esports Series, the official digital championship competed in by all teams participating in the FIA Formula 1 World Championship.

However, without revealing many details, the agreement had an “abrupt end”- “unfortunately, the agreement with Velas has been terminated early by us”, stated the Ferrari team.

Furthermore, Ferrari expressed its refusal for any further explanation by stating “comment on matters that are the subject of a dispute and/or litigation”.

Interestingly, crypto companies were highly attracted to motorsports car companies, which resulted in a number of contracts between the sectors. For instance, the fallen crypto firm FTX had been a sponsor to the NBA’s Miami Heat as well as the Mercedes Formula 1 team.

Significantly, the termination of Ferrari- Velas contract is not the first case in a series of such failures. By the end of last year, the crypto company Amber Group terminated its connection with the English Club Chelsa FC.

With the present failure of the Ferrari- Velas deal taken into consideration, the crypto-sports contracts have been exhibiting a long series of failures, mostly because of the ruined conditions of the crypto sectors.

The post An Abrupt End to Ferrari NV- Velas Network Deal; Reports Bloomberg appeared first on Coin Edition.

See original on CoinEdition

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07-06-2023 05:41:29 (UTC+7)

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    EUR/USD 1.0695 ↑ Sell  
    GBP/USD 1.2424 Buy  
    USD/JPY 139.61 Neutral  
    AUD/USD 0.6671 ↑ Buy  
    USD/CAD 1.3401 Neutral  
    EUR/JPY 149.31 Neutral  
    EUR/CHF 0.9706 ↑ Buy  
    Gold 1,979.45 ↑ Sell  
    Silver 23.677 ↑ Buy  
    Copper 3.7665 ↑ Buy  
    Crude Oil WTI 71.66 Neutral  
    Brent Oil 76.12 Sell  
    Natural Gas 2.268 ↑ Buy  
    US Coffee C 184.08 ↑ Buy  
    Euro Stoxx 50 4,295.22 Sell  
    S&P 500 4,283.85 Buy  
    DAX 15,992.44 ↑ Sell  
    FTSE 100 7,628.10 ↑ Sell  
    Hang Seng 19,099.28 ↑ Buy  
    Small Cap 2000 1,856.34 ↑ Buy  
    IBEX 35 9,310.80 ↑ Buy  
    BASF 46.760 ↑ Sell  
    Bayer 52.28 ↑ Buy  
    Allianz 210.50 Sell  
    Adidas 159.68 Neutral  
    Lufthansa 9.141 ↑ Buy  
    Siemens AG 158.36 Neutral  
    Deutsche Bank AG 9.784 Neutral  
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