Velas powers into Formula 1 with multi-year Scuderia Ferrari partnership

Press Release: Velas, a Swiss-based tech firm providing one of the fastest and most energy-efficient blockchains in the world, will enter Formula 1 starting next year in a long-term partnership with Ferrari.

December 29 2021, Zug, Switzerland – As a powerhouse of innovation and creativity, Velas has revolutionized the world of blockchain by creating a pioneering, energy-efficient platform that operates at unparalleled speed. As Formula 1 enters a new technical era in 2022, Velas branding will be featured prominently on Ferrari’s iconic racing cars, operating at the pinnacle of the sport.

This is the first partnership of its kind for Ferrari, with many shared initiatives planned to benefit from Ferrari’s prominence in global motorsport and a uniquely engaged fanbase. As a result, fans will benefit from Velas technology like never before, opening up a whole new dimension for both the sport and the brand.

Founded in 2019, Velas has developed an ecosystem of services and products that aim to merge the qualities of both centralized and decentralized solutions. The company’s mission is to create and integrate world-changing tech products and services to improve people’s lives all over the globe.

Within the Velas DPoS, or Delegated Proof of Stake, carbon-neutral blockchain network, users vote and elect delegates to validate the next block. This means a cleaner infrastructure for the crypto community as well as lower energy consumption.

Farhad Shagulyamov, CEO and co-founder of Velas, commented:

“Having built a next-generation blockchain that emphasizes both sustainability and performance, it was only natural to partner with another icon of excellence — Ferrari. Velas has introduced an innovative variety of pioneering technology to blockchain and associated products, which will now be showcased at the pinnacle of motorsport.”

Alex Alexandrov, chairman and founder of Velas, commented:

“We are delighted to be embarking on this incredible adventure together with Ferrari and taking people with us on a journey that they will never forget in this new era of Formula 1. There is a very bright future ahead for the unique partnership between Velas and Ferrari, as well as for the sport as a whole. We look forward to seeing you all out on the track!”

Mattia Binotto, general manager and team principal at Scuderia Ferrari:

“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 partners.”

For those new to digital assets, a blockchain is a digital ledger of transactions with copies duplicated, encrypted and distributed across an entire network. This means that all transactions take place securely, without the need for any third-party involvement.

Find out more about Velas and its products and services here.

For all media enquiries relating to Velas, contact Dragos Dumitrascu, head of global partnerships.