Italian luxury sports car maker Ferrari is moving into the blockchain industry by partnering with Swiss startup Velas Network.

On Monday, Ferrari officially announced that it had signed a multi-year deal with Velas to produce “exclusive digital content” for Scuderia fans. Villas will also become the main sponsor of the Ferrari Esports Series, an online series that competes in the F1 Esports Series, the official digital championship for all the teams competing in the FIA ​​Formula 1 World Championship.

The ad describes Velas as a major player in the digital asset and blockchain industry and highlights that the startup is focused on non-fungible tokens (NFTs):

“Vilas is a global player in the Blockchain and NFT sector and has excelled because of its service performance, innovation and technology leadership, qualities that unite it with the Maranello team.”
Scuderia Ferrari General Manager Mattia Binotto said the company chose Vilas as one of its premium partners because the companies share values ​​such as innovation and performance in technologically advanced products and services.

It’s only natural for Vilas to partner with “another icon of excellence, Ferrari,” said Farhad Shagulyamov, the newly appointed co-founder and CEO of Vilas.

“Vilas has introduced a number of innovative cutting-edge technologies in the field of blockchain and related products, which will now be showcased at the height of motorsport,” he said.

Ferrari and Villas did not immediately respond to Cointelegraph’s request for comment.

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Velas is an open source blockchain network that provides a set of the best features of centralized and decentralized tools. As of October, the company had committed $100 million to startups backed by Velas Blockchain, far more than the original $5 million pledge.

Velas (VLX), the original token of the Velas blockchain, has grown significantly in recent times. Trading at $0.346, the token has gained nearly 4% in the past 24 hours at the time of writing, according to data from CoinGecko. VLX has increased by more than 70% in the past seven days.

Source: CoinTelegraph