The Italian luxury sports car manufacturer Ferrari is entering the blockchain industry by establishing a partnership with the Swiss blockchain startup Velas Network.

Ferrari official Announce On Monday, it signed a multi-year agreement with Velas to jointly distribute “exclusive digital content” for Scuderia fans. Velas will also become the main sponsor of the Ferrari eSports Series, which participates in the online series of the F1 eSports series, including all official digital championships participating in the FIA ??Formula One World Championship.

The announcement described Velas as a major company in the digital asset and blockchain industry, emphasizing the startup’s focus on non-fungible tokens (NFT):

“As a global player in the blockchain and NFT fields, Velas distinguishes itself through the performance and innovation of its services, its technological leadership, and the characteristics that unite it with the Maranello team.”

Ferrari team general manager Mattia Binotto (Mattia Binotto) pointed out that the company chose Velas as one of its quality partners because the two companies share common values, such as innovation and performance of technologically advanced products and services.

Farhad Shagulyamov, co-founder and recent appointment The CEO of Velas stated that it is natural for Velas to work with “another symbol of excellence, namely Ferrari.”

“Velas has introduced a variety of innovative and groundbreaking technologies in blockchain and related products, and these technologies will now be demonstrated at the pinnacle of motorsports,” he pointed out.

The next chapter is coming. Today, Velas officially cooperated with Scuderia Ferrari.Thanks both @Ferrari Racing and @VelasBlockchain You have done such an excellent job together.

Don’t miss our update to learn more pic.twitter.com/X6NuVkKCkR

-Farkhad S (@SFarkhad) December 27, 2021

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

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Velas is an open source blockchain network dedicated to providing the best combination of centralized and decentralized tools.As of October, the company Grant 100 million US dollars to startups Built on the Velas blockchain, this is a significant increase compared to the initial $5 million pledge.

Velas coin (VLX), the native token of the Velas blockchain, has risen sharply recently. According to reports, at the time of writing, the token was trading at $0.346, which is an increase of about 4% in the past 24 hours. data From CoinGecko. VLX has risen by more than 70% in the past 7 days.