Velas project token rises nearly 13% amid Ferrari partnership

Beginning with the 2022 season, the blockchain company Velas Network AG will become a premium partner of the Formula 1 championship team Scuderia Ferrari with the aim of ‘creating exclusive digital content for its fans’.

We end this year beautifully at high speed.🏎💨 Velas Blockchain introduces a new multi-year partnership with @ScuderiaFerrari.

Flying to the moon on a red rocket. Evviva!🇮🇹
📲Read the full press release here: https://t.co/RgWsCT8Kg4 pic.twitter.com/EGemAl1ViY

— Velas (@VelasBlockchain) December 27, 2021

Based in Switzerland, Velas will also be the title sponsor of the Ferrari Esports Series and the Italian automaker’s esports team, which will participate in the F1 Esports Series championship.

The parties signed a multi-year partnership agreement.

«We are pleased to begin the collaboration with Velas Network, a company that makes innovation and performance hallmarks of technologically advanced products and services. These shared values led us to select Velas as one of our premium partners,» said Scuderia Ferrari head Mattia Binotto.

Following the news, the Velas token rose by 12.8% in the last 24 hours (at the time of writing). Over the week, the asset gained more than 80% (CoinGecko).

In June, McLaren Racing announced a partnership with the Tezos project, as a result of which the latter’s brand will be represented in Formula 1.

In September, the FTX exchange signed a sponsorship agreement with the Mercedes-AMG Petronas team participating in the championship.

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