Ferrari terminate Velas Formula One sponsorship deal

Velas became a partner of Ferrari last season. Stringer/Anadolu Agency via Getty Images

Ferrari have terminated a Formula One 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 branding prominent on the cars' rear wings, as part of a multi-year deal.

Velas was also title sponsor of Ferrari in the F1 Esports Series.

"Unfortunately, the agreement with Velas has been terminated early by us," Ferrari said on Thursday in response to a Reuters query.

"We do not comment on matters that are the subject of a dispute and/or litigation."

Ferrari, championship runners-up last season and the oldest and most successful team in the sport, have also parted ways with technology partner Snapdragon.

A team spokeswoman said that was a one-year commitment with the Qualcomm-owned brand and both parties mutually agreed not to extend.