Ferrari has terminated its Formula 1 sponsorship deal with Swiss blockchain technology company Velas, the team said on Thursday.
The Zug-based company became a partner of the Italian racing team last season, with the branding featured on the rear wings of the cars, as part of a multi-year deal.
Velas is also the main sponsor of Ferrari in the F1 Esports Series.
“Unfortunately, the agreement with Velas was terminated early by us,” Ferrari said on Thursday in response to a question from Reuters.
“We do not comment on matters that are the subject of dispute and/or litigation.”
Ferrari, last season’s championship runner-up and the oldest and most successful team in the sport, has also parted ways with technology partner Snapdragon.
A spokesman for the group said it was a one-year commitment to the Qualcomm-owned brand, and both sides had agreed not to renew.
