Ferrari has ended a Formula 1 sponsorship deal with Swiss blockchain technology company Velas, the team announced on Thursday.
The Zug-based company partnered with the Italian racing team last season, with prominent branding on the cars’ rear fenders, under a multi-year deal.
Velas was also Ferrari’s title sponsor in the F1 Esports series.
“Unfortunately the agreement with Velas has been prematurely terminated by us,” Ferrari said on Thursday in response to a question from Reuters.
“We do not comment on matters that are in dispute and/or litigation.”
Ferrari, last season’s championship runners-up and the sport’s oldest and most successful team, has also parted ways with technology partner Snapdragon.
A team spokeswoman said it was a one-year contract with the Qualcomm-owned brand and both parties have mutually agreed not to extend.
