Ferrari has confirmed that it has parted ways with Velas, a crypto sponsor whose logos were prominent on the livery of the 2022 F1-75 car.
Velas’ logo was notably visible on the rear wing of the team’s F1 challenger, and the Swiss-based company was also the title sponsor of Ferrari in the F1 Esports Series.
Crypto sponsorships have been prominent in F1 across the last couple of years, with multiple teams entering into partnerships with various companies.
Velas’ departure from the tie-up with Ferrari isn’t the first pronounced crypto deal that has ended in recent months, with Mercedes cutting links with FTX following a company crisis.
“Unfortunately, the agreement with Velas has been terminated early by us,” Ferrari said on Thursday to Reuters.
“We do not comment on matters that are the subject of a dispute and/or litigation.”
The Italian squad has also stopped its cooperation with technology partner Snapdragon ahead of the new campaign.
Ferrari enters the year looking to mount a title challenge after its early season form in 2022 failed to hold up as the year wore on.
Mattia Binotto has departed his role as Team Principal, with Frederic Vasseur taking over the spot, while Charles Leclerc and Carlos Sainz will form its line-up for a third successive season.