Ferrari pens the deal with blockchain firm Velas

Namrata Shukla
Source: Unsplash

Ferrari has remained a synonym for sports cars around the world and now this Italian luxury sports car manufacturer was taking its first steps into the blockchain industry. This was made possible with its deal with the Swiss blockchain startup Velas Network.

As per the official announcement by Scuderia Ferrari, it signed a multi-year agreement with Velas to jointly issue “exclusive digital content”. As per the deal, Velas will help boost digital content for Scuderia fans. Velas will also be a title sponsor for the Ferrari Esports Series.

The announcement read,

“The multi-year agreement provides for the creation of exclusive digital content for the Scuderia’s fans. In addition, Velas will be 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.”

As per information provided by Vela’s website, it was a Solana fork and was launched in 2019. It also has a built-in EVM integration. It claims to have “the fastest EVN chain to compete with Ethereum 2.0.” Ferrari described Velas as a “global player” in the blockchain and NFT space, however, the deal did not mention any NFT promotions.

Mattia Binotto, General Manager and Team Principal, Scuderia Ferrari noted on the partnership,

“We are pleased to start this collaboration with Velas Network AG, a company that makes innovation and performance the hallmark of technologically advanced products and services: these are all values that unite us and that led us to choose Velas as one of our Premium Partner.”

As per Velas, it has introduced an innovative variety of pioneering technology into blockchain and associated products. This partnership will offer a platform for it to showcase them.