The scene has changed significantly over the last year

Velas has lost Scuderia Ferrari as a partner, which is another another bad development for the cryptocurrency as it continues to gain traction in Formula 1.

The Italian team made its Velas arrangement public at the end of 2021, when F1 teams were eager to join with cryptocurrency companies.

The scene has changed significantly over the last year, with blockchain and cryptocurrencies losing value at an alarming rate.

The instability and frailty of cryptocurrency sponsors in Formula 1 are illustrated by the fact that FTX, Mercedes' official cryptocurrency partner, filed for bankruptcy in late 2022.

The majority of F1 teams had sponsorships or deals related to cryptocurrencies in 2017. However, even if this is still the case, the trend is moving incoherently.