Ferrari Partners With Blockchain Firm Velas to Launch Digital Assets

Ferrari has launched a partnership the Swiss blockchain and NFT company Velas Network, the car maker announced Monday (Dec. 27).

The agreement “provides for the creation of exclusive digital content for the Scuderia’s fans,” Ferrari said in an announcement.

“In addition, Velas will be Title Sponsor of the Ferrari Esports Series, the online mono-brand series of the Prancing Horse, and of the Esports team that will compete in the F1 Esports Series, the official digital championship competed in by all teams participating in the FIA Formula 1 World Championship,” Ferrari said.

While the announcement doesn’t specifically say Velas Network will be making Ferrari-centric NFTs, the car company does note its new partner’s expertise in the field, calling it a “global player in the blockchain and NFT sector, led by a “diverse team” of engineers, cryptographers, researchers and mathematicians.

“We are pleased to start this collaboration with Velas Network AG, a company that makes innovation and performance the hallmark of technologically advanced products and services; these are all values that unite us and that led us to choose Velas as one of our Premium Partner,” said Mattia Binotto, general manager and team principal of Scuderia Ferrari.

“Having built a next-generation blockchain that puts the emphasis both on sustainability and performance, it was natural to partner with another icon of excellence, which is Ferrari,” said Farhad Shagulyamov, CEO and co-founder of Velas Network. “Velas has introduced an innovative variety of pioneering technology into the blockchain and associated products, which will now be showcased at the pinnacle of motorsport.”

Read more: Ferrari’s Management Shakeup Follows Appointment of CEO With Tech Background

The announcement comes a little over a week after Ferrari launched a new corporate structure, set to be revealed next month, that will “foster innovation, optimise processes and increase collaboration both internally and with partners.”

The company’s new CEO, Benedetto Vigna, has a background in the semiconductor industry and has spoken of transitioning Ferrari to producing electric-powered vehicles.