Swiss technology firm Velas has entered a multi-year partnership with Ferrari for a Formula 1 feature amid the entry into the technical era in 2022.
Under the partnership, Velas will be featured “prominently” on the racing cars of Ferrari, marking the first such arrangement for Ferrari. Velas will benefit from the publicity brought about by Ferrari cars.
Founded in 2019, Velas has established an ecosystem of services and products as it seeks to create and integrate technology products with its carbon-neutral blockchain network.
Velas said the latest agreement is the first with a number of shares initiatives that seek to benefit from the popularity of Ferrari in global motorsport. It seeks to leverage on the fans of the car firm.
Velas Chief Executive Officer Farhad Shagulyamov welcomed the partnership, noting it was the natural decision.
VLX is up 3.69%, while RACE is down 0.01%.