Ferrari's Formula 1 team has ended its partnership with blockchain technology firm Velas Network AG, Bloomberg reported, without providing further details, saying it does not comment on matters involving controversy, litigation or both.

Prior to the news on December 27, 2021, Italian luxury car manufacturer Ferrari announced a partnership with NFT service provider Velas. Earlier this month, foreign media reported that the official website of Ferrari's F1 team has deleted information about Velas, an NFT service provider, and the sponsorship agreement has not yet been renewed. It is reported that Velas was also affected by the FTX bankruptcy.