After Red Bull Racing and Mercedes, Ferrari has also cut ties with a crypto company. Velas will not feature on the Italian racing stable's livery this year.

By 2022, almost every team had a crypto sponsor, with the exception of Haas and Williams. McLaren even had two. Crypo currencies have been becoming more and more common, not just on F1 cars, but in the world of sport in general.

Deals scrapped

When the crypto world was shaken by the company FTX, it was Mercedes that were the first to have remove the sponsorship from their cars. Not long after, Red Bull followed suit by scrapping its deal with Tezos. The other partnership Red Bull Racing had with the crypto world in the form of ByBit remains for the time being. Entering the new year, Ferrari apparently followed the example of the other two big top teams. Indeed, sponsorship watchdog Decalspotters noted that the name of Swiss blockchain company Velas no longer appears in the Scuderia's list of official partners.

#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

Short-term sponsorship deal

The long-term deal announced at the end of 2021 has thus lasted only one season. Besides Velas, smartphone chip manufacturer Snapdragon has also fallen by the wayside. It has not been confirmed whether the breaking of deal has to do with the uncertain crypto market, but it would be a logical reason.