Crypto News

Velas Enters Formula 1 In A Long-Term Partnership With Scuderia Ferrari


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Switzerland-based blockchain company Velas has entered a partnership with automaker Ferrari that will see its name branded on the top sports car Formula 1.

The first Ferrari partnership of its kind, it has several shared initiatives in stock to benefit from Ferrari’s prominence in global motorsport and a uniquely engaged fanbase. In exchange, fans will benefit immensely from Velas’ technology,  thus opening new doors of opportunity for both Ferrari and car racing.

Velas is a blockchain technology company that has distinguished itself in terms of speed and efficiency. Since 2019, it has had an ecosystem of services and products that aim to merge the qualities of both centralized and decentralized solutions.

As Ferrari enters a new technological phase in its advancement, Velas’ technology is coming in handy in a win-win arrangement for both companies.

“We are delighted to be embarking on this incredible adventure together with Ferrari and taking people with us on a journey that they will never forget in this new era of Formula 1. There is a very bright future ahead for the unique partnership between Velas and Ferrari, as well as for the sport as a whole. We look forward to seeing you all out on the track!” Chairman and Founder of Velas, Alex Alexandrov said in a comment.

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Also speaking on the partnership, Mattia Binotto, general manager and team principal at Scuderia Ferrari said: 

“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 partners.”

Velas operates a Delegated Proof-of-Stake (DPoS) algorithm that allows users to vote and elect delegates to validate transactions. Its carbon-neutral blockchain network ensures that the crypto community has access to cleaner infrastructure with lower energy consumption.



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