Ferrari strikes multi-year deal with swiss tech firm Velas

Ferrari strikes multi-year deal with swiss tech firm Velas

Another mainstream company has joined the hype of blockchain and NFTs. Italian luxury sports car manufacturer Ferrari announced on Monday its multi-year partnership with Swiss blockchain firm Velas.

We end this year beautifully at high speed. Velas Blockchain introduces a new multi-year partnership with @ScuderiaFerrari.Flying to the moon on a red rocket. Evviva!Read the full press release here: https://t.co/RgWsCT8Kg4 pic.twitter.com/EGemAl1ViY— Velas (@VelasBlockchain) December 27, 2021

In addition to sponsoring Scuderia Ferrari, the tech firm will be the title sponsor of the Ferrari Esports Series, and its Esports team that will compete in the F1 Esports Series. The deal also includes the right to issue non-fungible tokens for Scuderia Ferrari, the company’s F1 racing team.

Velas Network is a Switzerland-based Blockchain and NFT company that functions on a Delegated Proof-of-Stake blockchain. Velas chain is a Solana fork with a processing capacity of 75,000 transactions per second and compatibility with Ethereum Virtual Machines (EVM).

Farhad Shagulyamov, CEO and co-founder at Velas Network AG, said in the announcement:

“Having built a next-generation blockchain that puts the emphasis both on sustainability and performance, it was natural to partner with another icon of excellence, which is Ferrari. Velas has introduced an innovative variety of pioneering technology into the blockchain and associated products, which will now be showcased at the pinnacle of motorsport.”

Velas is the latest firm to enter esports sponsorship. Crypto firms such as FTX, Crypto.com, and Coinbase have all made multi-million dollar sponsorship deals with esports teams and tournaments to establish themselves as global brands in 2021.

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