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Luxury Car Manufacturer Ferrari S.p.A Ends Partnership with Crypto Sponsor Ahead of Formula One Season

by Karan 8 January 2023, 2:26 pm 1.5k Views

A luxury car manufacturer Ferrari has announced that it will no longer partner with a cryptocurrency company for the upcoming Formula One season. The partnership, which began in 2019, saw the crypto firm serve as a sponsor for the car manufacturer’s racing team.

The car manufacturer has cited a desire to focus on its core business and distance itself from the volatile nature of the cryptocurrency market as the reasons for the split. On the other hand, the cryptocurrency company has stated that it remains committed to supporting motorsports and will continue exploring sponsorship opportunities in the industry.

The end of the partnership comes as the cryptocurrency market experiences a resurgence, with Bitcoin reaching all-time highs in recent months. However, it remains to be seen if other companies in the automotive and motorsports industries will follow suit and distance themselves from the crypto sector

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Written by Karan

A passionate gadget freak, professional basketball player, and mountaineer. I have started my internet journey in 2014 and loves to experiment with Windows, Gadgets, Smartphones, and Drones. I am a pets enthusiast and volunteer for a NGOs to rescue dogs.