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Ferrari Terminates Crypto Sponsorship Before 2023 Formula One Season

Ferrari Terminates Crypto Sponsorship Before 2023 Formula One Season

Ferrari lost $55 million by ending its multi-year partnerships with Velas and Snapdragon before the 2023 season. The 2021 Ferrari-Velas alliance included NFTs and other attempts to engage fans. After canceling its cooperation with FTX, Mercedes lost $15 million.

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